The chief accountant for Grandview Corporation provides you with the company's 2021 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). $ 133 (45) (36) (27) GRANDVIEW CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities: Collections from customers Payment to suppliers Payment of general & administrative expenses Payment of income taxes Net cash flows from operating activities Cash Flows from Investing Activities: Sale of investments Cash Flows from Financing Activities: Issuance of common stock Payment of dividends Net cash flows from financing activities Net increase in cash $ 25 83 17 (8) 9 $ 117 $ 152 50 102 GRANDVIEW CORPORATION Income Statement For the Year Ended December 31, 2021 Sales revenue Cost of goods sold Gross profit Operating expenses: General and administrative expense $ 36 Depreciation expense 28 Total operating expenses Operating income Other income: Gain on sale of investments Income before income taxes Income tax expense Net income | | | | | 64 38 12 50 16 $ 34 Required: 1. Calculate the missing amounts. 2. Prepare the operating activities section of Grandview's 2021 statement of cash flows using the indirect method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the missing amounts. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) GRANDVIEW CORPORATION Balance Sheets At December 31 2021 2020 Assets: Cash 198 102 71 Accounts receivable Investments Inventory Property, plant & equipment IessAccumulated depreciation 78 168 168 (10111 $ 152 50 102 GRANDVIEW CORPORATION Income Statement For the Year Ended December 31, 2021 Sales revenue Cost of goods sold Gross profit Operating expenses: General and administrative expense $ 36 Depreciation expense 28 Total operating expenses Operating income Other income: Gain on sale of investments Income before income taxes Income tax expense Net income 64 38 12 50 16 $ 34 Required: 1. Calculate the missing amounts. 2. Prepare the operating activities section of Grandview's 2021 statement of cash flows using the indirect method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the missing amounts. (Amounts to be deducted should millions (i.e., 10,000,000 should be entered as 10).) indicated with a minus sign. Enter your answers in GRANDVIEW CORPORATION Balance Sheets At December 31 2021 2020 Assets Cash 198 102 71 78 168 (101) 168 Accounts receivable Investments Inventory Property, plant & equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for selling & admin. expense) Income taxes payable Common stock Retained earnings Total liabilities and shareholders' equity 64 48 27 27 40 265 248 42
