Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Sales $5.50 42.00 Net income 82.50 130.00 219.00 42.40 176.60 $ 306.60 $ 49.50 102.00 155.10 Cost of goods sold Gross margin 260.00 Selling and administrative expenses 240.00 $ 20.00 $ 10.00 390.00 35.00 68.80 113.80 186.00 31.80 Retained earnings Total liabilities and stockholders' equity $306.60 $268.00 For this year, the company reported net income as follows: $ 650.00 154.20 $268.00 $42.00 79.00 147.00 This year Carmono declared and paid a cash dividend. There were no sales of property, plant, and equipment during this year. The company did not repurchase any of its own stock this year. Required: 1. Using the indirect method, prepare a statement of cash flows for this year. 2. Compute Carmono's free cash flow for this year.

Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Sales $5.50 42.00 Net income 82.50 130.00 219.00 42.40 176.60 $ 306.60 $ 49.50 102.00 155.10 Cost of goods sold Gross margin 260.00 Selling and administrative expenses 240.00 $ 20.00 $ 10.00 390.00 35.00 68.80 113.80 186.00 31.80 Retained earnings Total liabilities and stockholders' equity $306.60 $268.00 For this year, the company reported net income as follows: $ 650.00 154.20 $268.00 $42.00 79.00 147.00 This year Carmono declared and paid a cash dividend. There were no sales of property, plant, and equipment during this year. The company did not repurchase any of its own stock this year. Required: 1. Using the indirect method, prepare a statement of cash flows for this year. 2. Compute Carmono's free cash flow for this year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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