Question
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, 2018Cash Flows from Operating Activities:Collections from customers$116Payment to suppliers(41)Payment of general & administrative expenses(31)Payment of income taxes(22)Net cash flows from operating activities$22Cash Flows from Investing Activities:Sale of investments78Cash Flows from Financing Activities:Issuance of common stock12Payment of dividends(4)Net cash flows from financing activities8Net increase in cash$108
GRANDVIEW CORPORATION
Income Statement
For the Year Ended December 31, 2018Sales revenue$132Cost of goods sold45Gross profit87Operating expenses:General and administrative$31Depreciation23Total operating expenses54Operating income33Other income:Gain on sale of investments16Income before income taxes49Income tax expense10Net income$39
GRANDVIEW CORPORATION
Balance Sheets
At December 3120182017Assets:Cash$177$?Accounts receivable?97Investments62Inventory73?Property, plant & equipment163163Less: Accumulated depreciation(91)?Total assets??Liabilities and Shareholders' Equity:Accounts payable to suppliers$55$43Payables for selling & admin. expenses2222Income taxes payable35?Common stock255243Retained earnings?33Total liabilities and shareholders' equity??
Required:
1.Calculate the missing amounts.
2.Prepare the operating activities section of Grandview's 2018 statement of cash flows using the indirect method
answer the damn question I'm paying a lot of money stop whining and answer it!
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