Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Titan Football Manufacturing had the following operating results for 2014: sales = $19,960; cost of goods sold = $13,800; depreciation expense = $2,190; interest expense

Titan Football Manufacturing had the following operating results for 2014: sales = $19,960; cost of goods sold = $13,800; depreciation expense = $2,190; interest expense = $255; dividends paid = $730. At the beginning of the year, net fixed assets were $22,800, current assets were $3,120, and current liabilities were $1,890. At the end of the year, net fixed assets were $27,140, current assets were $3,640, and current liabilities were $1,980. The tax rate for 2014 was 40 percent.

image text in transcribed

image text in transcribed

Titan Football Manufacturing had the following operating results for 2014: sales = $19,960; cost of goods sold = $13,800; depreciation expense = $2,190; interest expense = $255; dividends paid = $730. At the beginning of the year, net fixed assets were $22,800, current assets were $3,120, and current liabilities were $1,890. At the end of the year, net fixed assets were $27,140, current assets were $3,640, and current liabilities were $1,980. The tax rate for 2014 was 40 percent. (Enter your answers as directed, but do not round intermediate calculations.) Requirement 1: What is net income for 2014? (Round your answer to the nearest whole dollar amount (e.g., 32).) Net income $ 2229 Requirement 2: What is the operating cash flow during 2014? (Round your answer to the nearest whole dollar amount (e.g., 32).) Operating cash flow $ 4573 X Requirement 3: What is the cash flow from assets during 2014? (Negative amount should be indicated by a minus sign. Round your answer to the nearest whole dollar amount (e.g., 32).) Cash flow from assets $ 0 % Requirement 4: Assume no new debt was issued during the year. (a) What is the cash flow to creditors during 2014? (Round your answer to the nearest whole dollar amount (e.g., 32).) Cash flow to creditors $ 255 (b) What is the cash flow to stockholders during 2014? (Negative amount should be indicated by a minus sign. Round your answer to the nearest whole dollar amount (e.g., 32).) Cash flow to stockholders $ -2613

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

Principles of managerial finance

Authors: Lawrence J Gitman, Chad J Zutter

12th edition

9780321524133, 132479540, 321524136, 978-0132479547

More Books

Students also viewed these Finance questions

Question

Prove or disprove that N N N is countable.

Answered: 1 week ago