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The chief accountant for Grandview Corporation provides you with the company's 2018 statement of cash flows and income statement. The accountant has asked for your
The chief accountant for Grandview Corporation provides you with the company's 2018 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in the company's comparative balance sheets. These financial statements are shown next ($ in millions) GRANDVIEW CORPORATION Statement of Cash Flows For the Year Ended December 31, 2018 Cash Flows from Operating Activities: Collections from customers Payment to suppliers Payment of general & administrative expenses Payment of income taxe:s $ 145 (5e) 29 $ 28 Net cash flows from operating activities Cash Flows from Investing Activities: Sale of investments 85 Cash Flows from Financing Activities: Issuance of common stock Payment of dividends Net cash flows from financing activities 19 14 Net increase in cash $ 127 GRANDVIEW CORPORATION Income Statem ent For the Year Ended December 31, 2018 Sales revenue Cost of goods sold Gross profit Operating expenses: $ 160 52 108 General and administrative Depreciation $ 38 30 Total operating expenses 68 Operating income Other income Gain on sale of investments Income before income taxes 50 18 $ 32 Income tax expense Net income
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