Use the balance sheet and income statement below:VALIUM’S MEDICAL SUPPLY CORPORATIONBalance Sheet as of December 31, 2024 and 2023(in millions of dollars)Assets20242023Liabilities and Equity20242023Current assets: Current liabilities: Cash and marketable securities$ 74$ 73Accrued wages and taxes$ 58$ 45Accounts receivable199189Accounts payable159145Inventory322291Notes payable131131Total$ 595$ 553Total$ 348$ 321Fixed assets: Long-term debt$ 565$ 549Gross plant and equipment$ 1,084$ 886Stockholders’ equity: Less: Accumulated depreciation153116Preferred stock (6 thousand shares)$ 6$ 6Net plant and equipment$ 931$ 770Common stock and paid-in surplus (100 thousand shares)120120Other long-term assets130130Retained earnings617457Total$ 1,061$ 900Total$ 743$ 583Total assets$ 1,656$ 1,453Total liabilities and equity$ 1,656$ 1,453VALIUM’S MEDICAL SUPPLY CORPORATIONIncome Statement for Years Ending December 31, 2024 and 2023(in millions of dollars) 20242023Net sales$ 888$ 798Less: Cost of goods sold387350Gross profits$ 501$ 448Less: Other operating expenses4842Earnings before interest, taxes, depreciation, and amortization (EBITDA)$ 453$ 406Less: Depreciation and amortization3735Earnings before interest and taxes (EBIT)$ 416$ 371Less: Interest4640Earnings before taxes (EBT)$ 370$ 331Less: Taxes7870Net income$ 292261Less: Preferred stock dividends$ 6$ 6Net income available to common stockholders$ 286$ 255Less: Common stock dividends126126Addition to retained earnings $ 160$ 129Per (common) share data: Earnings per share (EPS)$ 2.86$ 2.55Dividends per share (DPS)$ 1.26$ 1.26Book value per share (BVPS)$ 7.37$ 5.77Market value (price) per share (MVPS)$ 8.40$ 6.25I started but not sure if it is correct Use the balance sheet and income statement below:Current assets:Cash and marketable securitiesAccounts receivableInventoryTotalAssetsFixed assets:Gross plant and equipmentLess: Accumulated depreciationNet plant and equipmentOther long-term assetsTotalTotal assetsNet salesLess: Cost of goods soldGross profitsLess: Other operating expensesEarnings before taxes (EBT)Less: TaxesNet incomeEarnings per share (EPS)Dividends per share (DPS)Book value per share (BVPS)Market value (price) per share (MVPS)Less: Preferred stock dividendsNet income available to common stockholdersLess: Common stock dividendsAddition to retained earningsPer (common) share data:Cash flows from operating activitiesNet incomeAdditions (sources of cash):Depreciation and amortizationDepreciation and amortization2024VALIUM'S MEDICAL SUPPLY CORPORATIONIncome Statement for Years Ending December 31, 2024 and 2023(in millions of dollars)Increase in inventorySubtractions (uses of cash):Increase in accrued wages and taxesDepreciation and amortization$ 74199322$ 595Earnings before interest, taxes, depreciation, and amortization (EBITDA)Less: Depreciation and amortizationEarnings before interest and taxes (EBIT)Less: InterestNet cash flow from operating activitiesCash flows from investing activitiesSubtractions:Subtractions:$ 1,084153$ 931130$ 1,061$1,656Net cash flow from investing activitiesCash flows from financing activitiesAdditions:Net cash flow from financing activitiesNet change in cash and marketable securitiesVALIUM'S MEDICAL SUPPLY CORPORATIONBalance Sheet as of December 31, 2024 and 2023(in millions of dollars)Statement of Cash Flows for Year Ending December 31, 2024(in millions of dollars)2023$ 73189291$ 553$ 886116$$770130$ 900$1,453 Total liabilities and equityCurrent liabilities:Accrued wages and taxesAccounts payableNotes payableTotalLong-term debtStockholders' equity:Preferred stock (6 thousand shares)Common stock and paid-in surplus (100 thousand shares)Retained earningsTotal292Liabilities and EquityPrepare a statement of cash flows for Valium's Medical Supply Corporation.Note: Enter your answers in millions of dollars. Amounts to be deducted should be Indicated with a minus sign.37(10)31(13)(2)$ (5)2024$ 888387$ 50148$45337$ 41646$ 37078$ 292$ 6$ 286126$ 160$2.86$ 1.26$ 7.37$ 8.402023$ 798350$44842$ 48635$ 37140$33170261$ 6$ 255126$ 129$ 2.55$ 1.26$ 5.77$ 6.252024$ 58159131$ 348$ 565120617$ 743$ 1,6562823$ 45145131$ 321$ 549$6120457$ 583$ 1,453 Cash flows from investing activitiesSubtractions:Increase in accounts receivableIncrease in accrued wages and taxesIncrease in common and preferred stockIncrease in fixed assetsIncrease in inventoryTacconca in lonnatacon dobt.Subtractions

A statement which shows inflow and outflow of cash under three different activities, called as cash…

Assets Inventory Total me staten Current assets: Cash and marketable securities Accounts receivable Fixed assets: Gross plant and equipment Less: Accumulated depreciation Net plant and equipment Other long-term assets Total Total assets Net sales Less: Cost of goods sold Gross profits Less: Other operating expenses 2024 $ 74 199 322 $ 595 $ 1,084 153 $ 931 130 $1,061 $1,656 Less: Common stock dividends Addition to retained earnings Per (common) share data: Earnings per share (EPS) Dividends per share (DPS) Book value per share (BVPS) Market value (price) per share (MVPS) Earnings before taxes (EBT) Less: Taxes Net income Less: Preferred stock dividends Net income available to common stockholders VALIUM'S MEDICAL SUPPLY CORPORATION Balance Sheet as of December 31, 2024 and 2023 (in millions of dollars) 2023 Current liabilities: Accrued wages and taxes Accounts payable Notes payable Total Long-term debt $886 Stockholders' equity: 116 $ 770 130 $ 900 $1,453 $73 189 291 $ 553 VALIUM'S MEDIO PLY CORPORATIO Income Statement for Years Ending December 31, 2024 and 2023 (in millions of dollars) Liabilities and Equity Preferred stock (6 thousand shares). Common stock and paid-in surplus (100 thousand shares) Retained earnings Total Earnings before interest, taxes, depreciation, and amortization (EBITDA) Less: Depreciation and amortization Earnings before interest and taxes (EBIT) Less: Interest Total liabilities and equity 2024 $ 888 387 $ 501 48 $453 37 $ 416 46 $ 370 78 $ 292 $6 $ 286 126 $ 160 $ 2.86 $ 1.26 $ 7.37 $8.40 2023 $798 350 $ 448 42 $ 406 35 $ 371 40 $ 331 70 261 $255 126 $ 129 $ 2.55 $ 1.26 $ 5.77 $ 6.25 Prepare a statement of cash flows for Valium's Medical Supply Corporation. Note: Enter your answers in millions of dollars. Amounts to be deducted should be Indicated with a minus sign. 2024 $ 58 159 131 $348 $ 565 $6 120 617 $ 743 $ 1,656 2023 $ 45 145 131 $321 $ 549 $6 120 457 $ 583 $ 1,453

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Use the balance sheet and income statement below:

Assets	2024	2023	Liabilities and Equity	2024	2023
VALIUM’S MEDICAL SUPPLY CORPORATION
Balance Sheet as of December 31, 2024 and 2023
(in millions of dollars)
Current assets:			Current liabilities:
Cash and marketable securities	$ 74	$ 73	Accrued wages and taxes	$ 58	$ 45
Accounts receivable	199	189	Accounts payable	159	145
Inventory	322	291	Notes payable	131	131
Total	$ 595	$ 553	Total	$ 348	$ 321
Fixed assets:			Long-term debt	$ 565	$ 549
Gross plant and equipment	$ 1,084	$ 886	Stockholders’ equity:
Less: Accumulated depreciation	153	116	Preferred stock (6 thousand shares)	$ 6	$ 6
Net plant and equipment	$ 931	$ 770	Common stock and paid-in surplus (100 thousand shares)	120	120
Other long-term assets	130	130	Retained earnings	617	457
Total	$ 1,061	$ 900	Total	$ 743	$ 583
Total assets	$ 1,656	$ 1,453	Total liabilities and equity	$ 1,656	$ 1,453

	2024	2023
VALIUM’S MEDICAL SUPPLY CORPORATION
Income Statement for Years Ending December 31, 2024 and 2023
(in millions of dollars)
Net sales	$ 888	$ 798
Less: Cost of goods sold	387	350
Gross profits	$ 501	$ 448
Less: Other operating expenses	48	42
Earnings before interest, taxes, depreciation, and amortization (EBITDA)	$ 453	$ 406
Less: Depreciation and amortization	37	35
Earnings before interest and taxes (EBIT)	$ 416	$ 371
Less: Interest	46	40
Earnings before taxes (EBT)	$ 370	$ 331
Less: Taxes	78	70
Net income	$ 292	261
Less: Preferred stock dividends	$ 6	$ 6
Net income available to common stockholders	$ 286	$ 255
Less: Common stock dividends	126	126
Addition to retained earnings	$ 160	$ 129
Per (common) share data:
Earnings per share (EPS)	$ 2.86	$ 2.55
Dividends per share (DPS)	$ 1.26	$ 1.26
Book value per share (BVPS)	$ 7.37	$ 5.77
Market value (price) per share (MVPS)	$ 8.40	$ 6.25

I started but not sure if it is correct

Use the balance sheet and income statement below:
Current assets:
Cash and marketable securities
Accounts receivable
Inventory
Total
Assets
Fixed assets:
Gross plant and equipment
Less: Accumulated depreciation
Net plant and equipment
Other long-term assets
Total
Total assets
Net sales
Less: Cost of goods sold
Gross profits
Less: Other operating expenses
Earnings before taxes (EBT)
Less: Taxes
Net income
Earnings per share (EPS)
Dividends per share (DPS)
Book value per share (BVPS)
Market value (price) per share (MVPS)
Less: Preferred stock dividends
Net income available to common stockholders
Less: Common stock dividends
Addition to retained earnings
Per (common) share data:
Cash flows from operating activities
Net income
Additions (sources of cash):
Depreciation and amortization
Depreciation and amortization
2024
VALIUM'S MEDICAL SUPPLY CORPORATION
Income Statement for Years Ending December 31, 2024 and 2023
(in millions of dollars)
Increase in inventory
Subtractions (uses of cash):
Increase in accrued wages and taxes
Depreciation and amortization
$ 74
199
322
$ 595
Earnings before interest, taxes, depreciation, and amortization (EBITDA)
Less: Depreciation and amortization
Earnings before interest and taxes (EBIT)
Less: Interest
Net cash flow from operating activities
Cash flows from investing activities
Subtractions:
Subtractions:
$ 1,084
153
$ 931
130
$ 1,061
$1,656
Net cash flow from investing activities
Cash flows from financing activities
Additions:
Net cash flow from financing activities
Net change in cash and marketable securities
VALIUM'S MEDICAL SUPPLY CORPORATION
Balance Sheet as of December 31, 2024 and 2023
(in millions of dollars)
Statement of Cash Flows for Year Ending December 31, 2024
(in millions of dollars)
2023
$ 73
189
291
$ 553
$ 886
116
$
$770
130
$ 900
$1,453 Total liabilities and equity
Current liabilities:
Accrued wages and taxes
Accounts payable
Notes payable
Total
Long-term debt
Stockholders' equity:
Preferred stock (6 thousand shares)
Common stock and paid-in surplus (100 thousand shares)
Retained earnings
Total
292
Liabilities and Equity
Prepare a statement of cash flows for Valium's Medical Supply Corporation.
Note: Enter your answers in millions of dollars. Amounts to be deducted should be Indicated with a minus sign.
37
(10)
31
(13)
(2)
$ (5)
2024
$ 888
387
$ 501
48
$453
37
$ 416
46
$ 370
78
$ 292
$ 6
$ 286
126
$ 160
$2.86
$ 1.26
$ 7.37
$ 8.40
2023
$ 798
350
$448
42
$ 486
35
$ 371
40
$331
70
261
$ 6
$ 255
126
$ 129
$ 2.55
$ 1.26
$ 5.77
$ 6.25
2024
$ 58
159
131
$ 348
$ 565
120
617
$ 743
$ 1,656
2823
$ 45
145
131
$ 321
$ 549
$6
120
457
$ 583
$ 1,453

Cash flows from investing activities
Subtractions:
Increase in accounts receivable
Increase in accrued wages and taxes
Increase in common and preferred stock
Increase in fixed assets
Increase in inventory
Tacconca in lonnatacon dobt.
Subtractions

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.