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) GRANDVIEW CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities: Collections from customers $ 91 Payment to suppliers (39) Payment of general & administrative expenses (24) Payment of income taxes (15) Net cash flows from operating activities $ 13 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 Tiet increase in cash $39 71 11 5100 3 66 GRANDVIEW CORPORATION Income Statement For the Year Ended December 31, 2021 Sales revence Cost of goods sold Gross profit Operating expenses: General and administrative expense $24 Depreciation expense 16 Total operating expenses Operating Inco Other Income Gain on sale of investments Income before income taxes Income tax expense . 26 LO 36 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 (.e., 10,000,000 should be entered as 10)) GRANDVIEW CORPORATION Balance Sheets At December 31 2021 2020 151 90 61 Assets Cash Accounts receivable Investments Inventory Property, plant & equpment Less Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Accrued liabilities (for selling & admin expense) 66 156 (77) 156 46 15 36 15 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 (5 in millions), GRAHOVIEW CORPORATION Statement of Cash Flows For the Year Endest December 31, 2021 Cash Flows from Operating activities Collections from customers Payment to suppliers Payment of eneral administrative expenses Haywit of income taxes Nutcash flows from operating activities Cash Flows from Investing Activities Sale of westets Cash Flows from Financing Activities Issuance of con stock Payment of dividendo Het cash flow from financing activities Net Increase in East $ (19) (24) (15) $1 73 11 (6 5 89 $ 104 38 66 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 $ 24 Depreciation expense 16 Total operating expenses Operating income Other income: Gain on sale of investments Income before income taxes Income tax expense Net income 40 26 10 36 6 30 $ 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 (ie, 10,000,000 should be entered as 10).) GRANDVIEW CORPORATION Balance Sheets At December 31 2021 2020 151 90 61 (Assets Cash Accounts receivable Investments Inventory Property, plant & equipment Less Accumulated depreciation Total assets Liabildies and Shareholders Equity Accounts payable Accrued liabities (for selling & admin expense) 66 156 (77) 156 40 36 15 15 Dr we Required 1 Required 2 Calculate the missing amounts. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (.e., 10,000,000 should be entered as 10).) GRANDVIEW CORPORATION Balance Sheets At December 31 2021 2020 Assets Cash 151 Accounts receivable 90 Investments 61 Inventory 66 Property, plant & equipment 156 156 Less Accumulated depreciation (77) Total assets Liabilities and Shareholders' Equity Accounts payable 46 36 Accrued liabilities (for selling & admin expense) 15 15 Income taxes payable 28 Common stock 247 236 Retained earnings 39 Total liabilities and shareholders' equity Route Required 2 > Required 1 Required 2 Prepare the operating activities section of Grandview's 2021 statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 110)) GRANDVIEW CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 (s in millions) Cash flows from operating activities Adjustments for noncash effects Changes in operating assets and liabilities Net cash flows from operating activities S
