Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following data come from the financial statements of Riley Company for the year ended March 31, 2019 (in millions). (Click the icon to view

image text in transcribedimage text in transcribed

The following data come from the financial statements of Riley Company for the year ended March 31, 2019 (in millions). (Click the icon to view the information.) Requirements 1. Prepare Riley Company's cash flow statement for the year ended March 31, 2019. Not all items listed will appear on the cash flow statement 2. What activities provided the largest source of cash? Is this a sign of financial strength or weakness? Requirement 1. Prepare Riley Company's cash flow statement for the year ended March 31, 2019. Not all items listed will appear on the cash flow statement. (Use parentheses or a minus sign to show cash payments, cash outflows, and/or a net decrease in cash. If a box is not used in the statement of cash flow leave the box empty, do not select a label or enter a zero.) Data table Riley Company Statement of Cash Flows Year Ended March 31, 2019 Millions S 3.495 $ 210 Cash flows from operating activities: Net income 3,060 Other investing cash payments Accounts receivable Payment of dividends Common stock 700 270 4,870 Purchases of property, plant, and equipment for cash Net income.... Adjustments to reconcile net income to net cash provided by operating activities Revenues..... Cash, beginning of year end of year Cost of goods sold. 2,370 Issuance of common stock 165 58,800 260 Cash proceeds on sale of property, plant, and equipment Retained earnings 35 12,890 1.915 38,400 Adjustments to reconcile net income to net cash provided by used for) operating activities Net cash provided by (used for) operating activities Cash flows from investing activities: Purchases of property, plant, and equipment Other investing cash payments Sales of property, plant, and equipment Other investing cash payments Net cash provided by used for) investing activities Cash flows from financing activities: Purchases of property, plant, and equipment Other investing cash payments Sales of property, plant, and equipment Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Print Done Cash, ending of the year The following data come from the financial statements of Riley Company for the year ended March 31, 2019 (in millions). Click the icon to view the information.) Requirements 1. Prepare Riley Company's cash flow statement for the year ended March 31, 2019. Not all items listed will appear on the cash flow statement. 2. What activities provided the largest source of cash? Is this a sign of financial strength or weakness? ..... Riley Company Statement of Cash Flows Year Ended March 31, 2019 Millions Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by used for) operating activities Net cash provided by (used for) operating activities Cash flows from investing activities: Purchases of property, plant, and equipment Other investing cash payments Sales of property, plant, and equipment Other investing cash payments Net cash provided by (used for) investing activities Cash flows from financing activities: Purchases of property, plant, and equipment Other investing cash payments Sales of property, plant, and equipment Net cash provided by used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Cash, ending of the year Requirement 2. What activities provided the largest source of cash? Is this a sign of financial strength or weakness? because activities provided the largest amount of Riley's cash. This is usually a sign of financial should be the main source of cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting IFRS Principles

Authors: Ilse Lubbe, Goolam Modack, Alex Watson

4th Edition

0199049238, 9780199049233

More Books

Students also viewed these Accounting questions

Question

Describe reviewing applications and rsums.

Answered: 1 week ago

Question

Identify the uses of performance appraisal.

Answered: 1 week ago

Question

Discuss selection in a global environment.

Answered: 1 week ago