The following financial statements are available for Kimball Corporation (all dollar amounts in millions): Balance Sheet Data (December 31) 2019 2018 Casl ............ ................ $ 300 $ 200 Inventory............ 1,320 990 Prepaid general expenses......... 500 550 Property, plant & equipment (PPE). 2,800 2,395 Accumulated depreciation ... (420) (239) Total Assets ....... $ 4,500 $ 3,896 Accounts payable. Income tax payable .... Unearned sales revenue ...... Dividends payable ........ Mortgage payable .... Common stock ............ Retained earnings (ending balance, after closing)...... Total Liabilities and Equity ........ $ 265 300 150 140 1,000 1,000 1,645 $_4.500 $ 195 335 178 125 1,265 600 1,198 $ 3.896 $ 10,100 Income Statement Data (for 2019) Sales ....... Loss on sale of PPE... $ (160) Cost of goods sold .... (6,600) General expenses ......... (1,600) Depreciation expense.... (320) Income tax expense....... (850) Total expenses ......... Net income.............. $ (9,530) 570 Additional information: Equipment with a book value of $400 was sold during 2019. All accounts payable relate to inventory purchases. Equipment costing $260 was purchased with a mortgage during 2019. This fact is already reflected in the balance sheet numbers reported above. All other purchases of equipment in 2019 were cash transactions. 1. How can you know if you have prepared the statement of cash flows correctly? The sum of operating, investing, and financing cash flows should equal 100 The sum of operating, investing, and financing cash flows should equal 300 Operating cash flows should equal 100 Operating cash flows should equal 300 2. Assuming Kimball uses the direct method, what is cash collected from customers? $10,128 $10,100 $10,072 $9,950 3. Assuming Kimball uses the direct method, what is cash paid to suppliers? ($6,860) ($6,340) ($6,930) ($6,530) 4. Assuming Kimball uses the direct method, what is cash paid for general expenses? ($1,650) ($1,600) ($2,100) ($1,550) 5. Assuming Kimball uses the direct method, what is cash paid for taxes? ($815) ($885) ($850) ($1,150) 6. What is cash paid for the purchase of PP&E? $944 $545 $684 $424 7. What is cash received from the sale of PP&E? $240 $400 $560 $160 8. What is cash paid for dividends? $123 $140 $125 $108 9. What is cash paid to reduce mortgage payable? $265 $1,000 $525 $1,265 10. What is cash received from the issuance of stock? $140 $400 $600 $1,000