Formulating Financial Statements from Raw DataFollowing is selected financial information from Greenwood Industries, for its fiscal year ended ($ millions).Cash and cash equivalents, end of yearNet cash from operationsNet salesStockholders' equity, end of yearCost of goods soldNet cash from financingTotal liabilities, end of yearOther expenses, including income taxesNoncash assets, end of yearNet cash from investingNet incomeEffect of exchange rate changes on cashCash and cash equivalents, beginning of yearNet incomeCost of goods soldREQUIREDa. Prepare an income statement, balance sheet, and statement of cash flows for Greenwood Industries.Note: Do not use negative signs with your answers in the Income Statement.Net cash flows from operations$2,516.75,514.326,439.914,411.2Greenwood IndustriesIncome Statement($ millions)#17,245.1(2,912.3)31,798.95,878.743,693.4(729.3)3,316.2(31.1)675.0##♦+♦+ $$$00000Greenwood IndustriesBalance Sheet(5 millions)000#+#$$Note: Use negative signs with answers in the Statement of Cash Flows to indicate a reduction in cash/cash used.000

Financial statement refers to a set of statements which comprises an income statement, balance…

Formulating Financial Statements from Raw Data Following is selected financial information from Greenwood Industries, for its fiscal year ended (5 millions). Cash and cash equivalents, end of year Net cash from operations Net sales Stockholders' equity, end of year Cost of goods sold Net cash from financing Total liabilities, end of year Other expenses, including income taxes Noncash assets, end of year Net cash from investing Net income Effect of exchange rate changes on cash Cash and cash equivalents, beginning of year REQUIRED dustries. a. Prepare an income statement, balance sheet, and statement of cash flows for Greenwood Industr Note: Do not use negative signs with your answers in the Income Statement. Net income Cost of goods sold $2,516.7 5,514.3 26,439.9 14,411.2 17,245.1 (2,912.3) 31,798.9 5,878.7 43,693.4 (729.3) 3,316.2 (31.1) 675.0 Greenwood Industries Income Statement (5 millions) Net cash flows from operations ● 5 $ Greenwood Industries Balance Sheet (5 millions) 0 0 0 ● 5 • $ Note: Use negative signs with answers in the Statement of Cash Flows to indicate a reduction in cash/cash used. 0 0 0

Formulating Financial Statements from Raw Data Following is selected financial information from Greenwood Industries, for its fiscal year ended (5 millions). Cash and cash equivalents, end of year Net cash from operations Net sales Stockholders' equity, end of year Cost of goods sold Net cash from financing Total liabilities, end of year Other expenses, including income taxes Noncash assets, end of year Net cash from investing Net income Effect of exchange rate changes on cash Cash and cash equivalents, beginning of year REQUIRED dustries. a. Prepare an income statement, balance sheet, and statement of cash flows for Greenwood Industr Note: Do not use negative signs with your answers in the Income Statement. Net income Cost of goods sold $2,516.7 5,514.3 26,439.9 14,411.2 17,245.1 (2,912.3) 31,798.9 5,878.7 43,693.4 (729.3) 3,316.2 (31.1) 675.0 Greenwood Industries Income Statement (5 millions) Net cash flows from operations ● 5 $ Greenwood Industries Balance Sheet (5 millions) 0 0 0 ● 5 • $ Note: Use negative signs with answers in the Statement of Cash Flows to indicate a reduction in cash/cash used. 0 0 0

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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The following information is available from the current period financial statements: Net income $133,833 Depreciation expense 22,491 Increase in accounts receivable 17,461 Decrease in accounts payable 28,059 The net cash flow from operating activities using the indirect method is:
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The following information is available from the current period financial statements: Net income $116,986 Depreciation expense 23,264 Increase in accounts receivable 14,950 Decrease in accounts payable 15,020 The net cash flow from operating activities using the indirect method is
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