Use the balance sheet and Income statement below: Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total 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. $ 2021 Earnings before taxes (EBT) Less: Taxes Net income 86 203 327 85 195 305 $ 616 $ 585 CLANCY'S DOG BISCUIT CORPORATION Balance Sheet as of December 31, 2021 and 2020 (in millions of dollars) Less: Accumulated depreciation (2018) Earnings before interest and taxes (EBIT) Less: Interest $ $1,115 $910 174 127 $941 $783 162 162 $1.103 $945 $1,719 $1,530 2020 Earnings before interest, taxes, depreciation, and amortization (EBITDA) Less: Preferred stock dividends Net income available to common stockholders 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) CLANCY'S DOG BISCUIT CORPORATION Income Statement for Years Ending December 31, 2021 and 2020 (in millions of dollars). 2021 $ 920 403 $ 517 61 $ 456 47 $ 489 62 $ 347 145 $ 202 $6 $ 196 75 $ 121 $1.96 $0.75 $7.06 $8.09 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 Total liabilities and equity 2020 $830 366 $ 464 55 Liabilities and Equity $ 409 45 $364 56 $ 308 125 $ 183 $ 6 $ 177 75 $ 102 $1.77 $0.75 $5.85 $6.33 Prepare a statement of cash flows for Clancy's Dog Biscuit Corporation. (Enter your answers in millions of dollars. Amounts to be deducted should be Indicated with a minus sign.) $ $ 2021 62 168 145 $ 375 $ 632 6 120 586 $712 $1,719 $ $ 2020 55 155 145 355 $ $ 584 6 120 465 $ 591 $1,530 4
Use the balance sheet and Income statement below: Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total 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. $ 2021 Earnings before taxes (EBT) Less: Taxes Net income 86 203 327 85 195 305 $ 616 $ 585 CLANCY'S DOG BISCUIT CORPORATION Balance Sheet as of December 31, 2021 and 2020 (in millions of dollars) Less: Accumulated depreciation (2018) Earnings before interest and taxes (EBIT) Less: Interest $ $1,115 $910 174 127 $941 $783 162 162 $1.103 $945 $1,719 $1,530 2020 Earnings before interest, taxes, depreciation, and amortization (EBITDA) Less: Preferred stock dividends Net income available to common stockholders 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) CLANCY'S DOG BISCUIT CORPORATION Income Statement for Years Ending December 31, 2021 and 2020 (in millions of dollars). 2021 $ 920 403 $ 517 61 $ 456 47 $ 489 62 $ 347 145 $ 202 $6 $ 196 75 $ 121 $1.96 $0.75 $7.06 $8.09 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 Total liabilities and equity 2020 $830 366 $ 464 55 Liabilities and Equity $ 409 45 $364 56 $ 308 125 $ 183 $ 6 $ 177 75 $ 102 $1.77 $0.75 $5.85 $6.33 Prepare a statement of cash flows for Clancy's Dog Biscuit Corporation. (Enter your answers in millions of dollars. Amounts to be deducted should be Indicated with a minus sign.) $ $ 2021 62 168 145 $ 375 $ 632 6 120 586 $712 $1,719 $ $ 2020 55 155 145 355 $ $ 584 6 120 465 $ 591 $1,530 4
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Use the balance sheet and Income statement below:
Assets
Current assets:
Cash and marketable securities
Accounts receivable
Inventory
Total
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
2021
Less: Common stock dividends
Addition to retained earnings
Per (common) share data:
Less: Accumulated depreciation (2018)
Earnings before interest and taxes (EBIT)
Less: Interest
Earnings per share (EPS)
Dividends per share (DPS)
86
203
327
85
195
305
$ 616 $ 585
CLANCY'S DOG BISCUIT CORPORATION
Balance Sheet as of December 31, 2021 and 2020
(in millions of dollars)
$1,115
174
$941
162
162
$1,103 $ 945
783
ITT
$1,719 $1,530
Ibrity
Less: Preferred stock dividends
Net income available to common stockholders
CLANCY'S DOG BISCUIT CORPORATION
Income Statement for Years Ending December 31, 2021 and 2020
(in millions of dollars)
Earnings before interest, taxes, depreciation, and
amortization (EBITDA)
2020
Book value per share (BVPS)
Market value (price) per share (MVPS)
$ 910
127
$
2021
$920
1000!
403
$517
Hot-do
61
$ 456
47
$ 409
62
$ 347
PRIHL
145
$ 202
$
6
$ 196
75
$ 121
$1.96
$0.75
$7.06
$8.09
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
Total liabilities and equity
2020
$ 830
eius
366
$ 464
55
$409
45
$364
56
$ 308
125
$183
Liabilities and Equity
$ 6
$ 177
75
$ 102
$1.77
$0.75
$5.85
$6.33
Prepare a statement of cash flows for Clancy's Dog Biscuit Corporation. (Enter your answers in millions of dollars. Amounts to be
deducted should be Indicated with a minus sign.)
2021
$ 62
168
145
$ 375
$632
$
6
120
586
712
$
$1,719
2020
$
55
155
145
$ 355
$ 584
6
120
465
$ 591
$1,530
Transcribed Image Text:Prepare a statement of cash flows for Clancy's Dog Biscuit Corporation. (Enter your answers in millions of dollars. Amounts to be
deducted should be Indicated with a minus sign.)
x Answer is not complete.
Statement of Cash Flows for Year Ending December 31, 2021
Hem Om
(in millions of dollars)
Cash flows from operating activities
Net income
Additions (sources of cash):
Depreciation
Increase in accounts payable
Increase in accrued wages and taxes
Subtractions (uses of cash):
Increase in inventory
Increase in accounts receivable
Net cash flow from operating activities
Cash flows from investing activities
Subtractions:
Increase in fixed assets
Increase in other long-term assets
Net cash flow from investing activities
Cash flows from financing activities
Additions:
Increase in notes payable
Increase in long-term debt
Increase in common and preferred stock
Subtractions:
Common stock dividends
Preferred stock dividends
Net cash flow from financing activities
Net change in cash and marketable securities
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Common stock dividends .....
And
Preferred stock dividends.....
Great on how you explained everything. Appreciate it.
Transcribed Image Text:is
deducted should be Indicated with a minus sign.)
x Answer is complete but not entirely correct.
Statement of Cash Flows for Year Ending December 31, 2021
(in millions of dollars)
Cash flows from operating activities
Net income
Additions (sources of cash):
P
Depreciation
Increase in accounts payable
Increase in accrued wages and taxes
Subtractions (uses of cash):
Increase in inventory
Increase in accounts receivable
Net cash flow from operating activities
Cash flows from investing activities
Subtractions:
Increase in fixed assets
Increase in other long-term assets
Net cash flow from investing activities
Cash flows from financing activities
Additions:
s Dog Biscult Corporation. (Enter your answers in millions of dollars. Amounts to be
16-17
Increase in notes payable
Increase in long-term debt
Increase in common and preferred stock
Subtractions:
Common stock dividends
Preferred stock dividends
Net cash flow from financing activities
Net change in cash and marketable securities
$ 202
47
$
WH
(22)
(8)
$ 239
13
7
$ (205)
0
$ (205)
69
0
48
0
(6)
(75)
$
(33)
$ 1
X
X
×››>
Transcribed Image Text:Use the balance sheet and Income statement below:
Assets
Current assets:
Cash and marketable securities
Accounts receivable
Inventory
Total
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
$
86
203
327
$ 616
2021
$1,115
174
941
162
$1,103
$1,719
$
Earnings per share (EPS)
Dividends per share (DPS)
Book value per share (BVPS)
Market value (price) per share (MVPS)
Less: Accumulated depreciation (2018)
Earnings before interest and taxes (EBIT)
Less: Interest
Earnings before taxes (EBT)
Less: Taxes
Earnings before interest, taxes, depreciation, and
amortization (EBITDA)
CLANCY'S DOG BISCUIT CORPORATION
Balance Sheet as of December 31, 2021 and 2020
(in millions of dollars)
Net income
Less: Preferred stock dividends
Net income available to common stockholders
Less: Common stock dividends
Addition to retained earnings.
Per (common) share data:
2020
$ 85
195
305
$ 585
$
CLANCY'S DOG BISCUIT CORPORATION
Income Statement for Years Ending December 31, 2021 and 2020
(in millions of dollars)
910
127
$ 783
162
$945
$1,530
2021
$ 920
403
$ 517
61
$ 456
47
$ 409
62
$ 347
145
$ 202
$
6
$196
75
$121
$1.96
$0.75
$7.06
$8.09
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
Total liabilities and equity.
2020
$ 830
366
$ 464
55
$ 409
45
$364
56
$ 308
125
$183
Liabilities and Equity
$ 6
$ 177
75
$ 102
$1.77
$0.75
$5.85
$6.33
2021
$ 62
168
145
$ 375 $
$ 632
$
6
120
586
$ 712
$1,719
2020
$ 55
155
145
355
584
$ 6
120
465
$591
$1,530
Solution
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