Question
Using the information on the attached sheet for Windswept, Inc., prepare in good form a Sources and Uses of Funds Statement and a Cash Reconciliation
Using the information on the attached sheet for Windswept, Inc., prepare in good form a Sources and Uses of Funds Statement and a Cash Reconciliation along with any required sub schedules for the year ending 2019.
Windswept, Inc.
2019 Income Statement
($ in millions)
Net Sales | $ 8,450 |
Less: Cost of Goods Sold | 7,240 |
Gross Margin | $ 1,210 |
Less: Depreciation | 400 |
Earnings Before Interest and Taxes | $ 810 |
Less: Interest Paid | 70 |
Earnings Before Taxes | $ 740 |
Less: Taxes | 259 |
Net Income | $ 481 |
Windswept, Inc.
2018 and 2019 Balance Sheets
($ in millions)
|
2004 | 2005 |
|
| 2004 | 2005 |
Cash | $ 120 | $ 140 |
| Accounts Payable | $ 1,110 | $ 1,120 |
Accounts Receivable | 930 | 780 |
| Notes Payable | 0 | 0 |
Inventory | 1,480 | 1,520 |
| Total Current Liab. | $ 1,110 | $ 1,120 |
Total Current Assets | $ 2,530 | $ 2,440 |
| Long-term Debt | 840 | 1,210 |
Net Fixed Assets | 3,150 | 3,600 |
| Common Stock | 3,200 | 3,000 |
|
|
|
| Retained Earnings | 530 | 710 |
Total Assets | $ 5,680 | $ 6,040 |
| Total Liab. & Equity | $ 5,680 | $ 6,040 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started