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Portions of the financial statements for Hawkeye Company are provided below. HAWKEYE COMPANY Income Statement For the Year Ended December 31, 2024 ($ in millions) Sales Cost of goods sold Gross margin Operating expenses: Salaries Depreciation Loss on sale of land Total operating expenses Operating income Other income (expense): Gain on sale of cash equivalents Interest expense Income before tax Income tax expense Net income HAWKEYE COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions) Year Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable 2024 $242 390 $ 227 185 12 890 225 185 65 95 2023 $215 411 865 264 198 55 114 $ 850 325 525 424 101 4 (35) 70 35 $ 35 Change $ 27 (21) 25 (39) (13) 10 (19) Pronare the cash flows from

Portions of the financial statements for Hawkeye Company are provided below. HAWKEYE COMPANY Income Statement For the Year Ended December 31, 2024 ($ in millions) Sales Cost of goods sold Gross margin Operating expenses: Salaries Depreciation Loss on sale of land Total operating expenses Operating income Other income (expense): Gain on sale of cash equivalents Interest expense Income before tax Income tax expense Net income HAWKEYE COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions) Year Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable 2024 $242 390 $ 227 185 12 890 225 185 65 95 2023 $215 411 865 264 198 55 114 $ 850 325 525 424 101 4 (35) 70 35 $ 35 Change $ 27 (21) 25 (39) (13) 10 (19) Pronare the cash flows from

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Portions of the financial statements for Hawkeye Company are provided below. HAWKEYE COMPANY Income Statement For the Year Ended December 31, 2024 ($ in millions) Sales Cost of goods sold Gross margin Operating expenses: Salaries Depreciation Loss on sale of land Total operating expenses Operating income Other income (expense): Gain on sale of cash equivalents Interest expense Income before tax Income tax expense Net income HAWKEYE COMPANY Selected Accounts from Comparative Balance Sheets. December 31, 2024 and 2023 ($ in millions) Year Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable 2024 $ 242 390 $ 227 185 12 890 225 185 65 95 2023 $215 411 865 264 198 55 114 $ 850 325 525 424 101 4 (35) 70 35 $ 35 Change $ 27 (21) 25 (39) (13) 10 (19) 2. Prepare the cash flows from operating activities section of the statement of cash flows for Hawkeye Company using the indirect method.
Transcribed Image Text:Portions of the financial statements for Hawkeye Company are provided below. HAWKEYE COMPANY Income Statement For the Year Ended December 31, 2024 ($ in millions) Sales Cost of goods sold Gross margin Operating expenses: Salaries Depreciation Loss on sale of land Total operating expenses Operating income Other income (expense): Gain on sale of cash equivalents Interest expense Income before tax Income tax expense Net income HAWKEYE COMPANY Selected Accounts from Comparative Balance Sheets. December 31, 2024 and 2023 ($ in millions) Year Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable 2024 $ 242 390 $ 227 185 12 890 225 185 65 95 2023 $215 411 865 264 198 55 114 $ 850 325 525 424 101 4 (35) 70 35 $ 35 Change $ 27 (21) 25 (39) (13) 10 (19) 2. Prepare the cash flows from operating activities section of the statement of cash flows for Hawkeye Company using the indirect method.
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