Here are the 2021 and 2022 (incomplete) balance sheets for Newble Oil Corporation. BALANCE SHEET AT END OF YEAR (Figures in $ millions) Assets 2021 2022 Liabilities and Shareholders' Equity 2021 2022 Current assets $ 317 $ 455 Current liabilities $ 245 $ 247 Net fixed assets 1,270 1,455 Long-term debt 865 990 a&b. What was shareholders' equity at the end of 2021 and 2022? c. If Newble paid dividends of $135 million in 2022 and made no stock issues, what must have been net income during the year? d. If Newble purchased $335 million in fixed assets during 2022, what must have been the depreciation charge on the income statement? e. What was the change in net working capital between 2021 and 2022? f. If Newble issued $214 million of new long-term debt, how much debt must have been paid off during the year?
Here are the 2021 and 2022 (incomplete) balance sheets for Newble Oil Corporation. BALANCE SHEET AT END OF YEAR (Figures in $ millions) Assets 2021 2022 Liabilities and Shareholders' Equity 2021 2022 Current assets $ 317 $ 455 Current liabilities $ 245 $ 247 Net fixed assets 1,270 1,455 Long-term debt 865 990 a&b. What was shareholders' equity at the end of 2021 and 2022? c. If Newble paid dividends of $135 million in 2022 and made no stock issues, what must have been net income during the year? d. If Newble purchased $335 million in fixed assets during 2022, what must have been the depreciation charge on the income statement? e. What was the change in net working capital between 2021 and 2022? f. If Newble issued $214 million of new long-term debt, how much debt must have been paid off during the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Here are the 2021 and 2022 (incomplete) balance sheets for Newble Oil Corporation.
| (Figures in $ millions) | |||||
| Assets | 2021 | 2022 | Liabilities and Shareholders' Equity | 2021 | 2022 |
|---|---|---|---|---|---|
| Current assets | $ 317 | $ 455 | Current liabilities | $ 245 | $ 247 |
| Net fixed assets | 1,270 | 1,455 | Long-term debt | 865 | 990 |
a&b. What was shareholders' equity at the end of 2021 and 2022?
c. If Newble paid dividends of $135 million in 2022 and made no stock issues, what must have been net income during the year?
d. If Newble purchased $335 million in fixed assets during 2022, what must have been the
e. What was the change in net
f. If Newble issued $214 million of new long-term debt, how much debt must have been paid off during the year?
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