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You are researching Time Manufacturing and have found the following accounting statement of cash flows for the most recent year. You also know that
You are researching Time Manufacturing and have found the following accounting statement of cash flows for the most recent year. You also know that the company paid $98.9 million in current taxes and had an interest expense of $48.9 million. TIME MANUFACTURING Statement of Cash Flows (in millions) Operations Net income $ 182.0 Depreciation 94.9 Deferred taxes 19.9 Changes in assets and liabilities Accounts receivable -18.9 Inventories 22.9 Accounts payable 17.9 Accrued expenses -9.9 Other 3.9 Total cash flow from operations $312.7 Investing activities Acquisition of fixed assets -$206.0 Sale of fixed assets 23.9 Total cash flow from investing activities -$182.1 Financing activities Retirement of long-term debt -$171.0 Proceeds from long-term debt sales Dividends 128.0 -95.0 Repurchase of stock -22.0
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