Use the following financial statements:Balance Sheet (year-end)AssetsCashDynamic MattressYear-End Balance Sheet for 2020(figures in $ millions)Marketable SecuritiesAccounts ReceivableInventoryTotal current assetsFixed AssetsProperty, Plant and EquipmentLess: Accumulated DepreciationNet Fixed AssetsTotal AssetsLiabilities and EquityBank LoansAccounts PayableTotal Current LiabilitiesLong-Term DebtShareholder's EquityTotal Liability and Shareholder's EquityDynamic MattressIncome Statement for 2020(figures in $ millions)SalesOperating costsDepreciationInterestPretax incomeTax at 50%Net income$ 1,560.01,375.0$185.012.5$ 172.529.0Notes: Dividends $36.Retained earnings = $35.8.$143.571.8$71.8Dynamic MattressStatement of Cash Flows for 2020(figures in $ millions)Sources of cash:Sold marketable securitiesTotal sourcesUses of cash:Increased bank loansIncreased accounts payableIncreased long-term debtCash from operations:Net incomeDepreciationIncreased inventoriesIncreased accounts receivableInvested in fixed assetsDividend2019Total usesNet increase (decrease) in cash95.016.0104.094.0309.0324.076.0248.0557.026.081.0107.031.0419.0557.0Prepare the statement of cash flows for 2020.Note: Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Enter your answersin millions rounded to 1 decimal place. Negative answers should be indicated with a minus sign.2020181.30.0131.0136.0448.3326.088.5237.5685.837.0122.0159.072.0454.8685.8

Cash Flow Statement -A business's cash inflows and outflows during a specified period are shown on…

Use the following financial statements: Dynamic Mattress Year-End Balance Sheet for 2020 (figures in $ millions) Balance Sheet (year-end) Assets Cash Marketable Securities Accounts Receivable Inventory Total current assets Fixed Assets Property, Plant and Equipment Less: Accumulated Depreciation Net Fixed Assets Total Assets Liabilities and Equity Bank Loans Accounts Payable Total Current Liabilities Long-Term Debt Shareholder's Equity 2019 95.0 16.0 104.0 94.0 309.0 324.0 76.0 248.0 557.0 26.0 81.0 107.0 31.0 419.0 2020 181.3 0.0 131.0 136.0 448.3 326.0 88.5 237.5 685.8 37.0 122.0 159.0 72.0 454.8

Use the following financial statements: Dynamic Mattress Year-End Balance Sheet for 2020 (figures in $ millions) Balance Sheet (year-end) Assets Cash Marketable Securities Accounts Receivable Inventory Total current assets Fixed Assets Property, Plant and Equipment Less: Accumulated Depreciation Net Fixed Assets Total Assets Liabilities and Equity Bank Loans Accounts Payable Total Current Liabilities Long-Term Debt Shareholder's Equity 2019 95.0 16.0 104.0 94.0 309.0 324.0 76.0 248.0 557.0 26.0 81.0 107.0 31.0 419.0 2020 181.3 0.0 131.0 136.0 448.3 326.0 88.5 237.5 685.8 37.0 122.0 159.0 72.0 454.8

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 2MCQ

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