Use the following information to prepare a Statement of Cash Flows for Diamond Clothes, Inc.Diamond Clothes, Inc.Income Statement (dollars in millions)Sales$3,638Cost of Goods Sold2469Gross Margin1169Selling and Administrative848ExpensesDepreciation Expense93Net Operating Income228Gain on Sales of Store3Income taxes91Net Income$140Balance SheetAssetsEnding Bal.Beg. Bal.Current Assets:Cash and Cash Equivalents$91$29Accounts Receivable637654Inventory586537Total Current Assets1,3141,220Property, plant, & equipment1,5171,394less: accum depreciation654561Net Property, plant, & equipment 863833Total Assets2,1772,053Liabilities and Stockholder's EquityCurrent Liabilities:Accounts Payable$264$220Other expenses payable193190Income taxes payable7571Total Current Liabilities532481Bonds payable479520Total Liabilities1,0111,001Stockholder's equity:Common Stock157155Retained Earnings1,0091,166897Total Stockholder's equity1,052Total Liabilities and Stockholder'sEquity$2,177$2,053Additional Information:1. The company sold a store that had an original cost of $15 million and accumulated depreciation of $10 million for $8million cash. The gain on the sale was $3 million.2. The company did not issue any new bonds during the year.3. The company did not repurchase any of its own stock during the year.4. The company paid a cash dividend during the year.

Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…

Answered: Use the following information to…

Use the following information to prepare a Statement of Cash Flows for Diamond Clothes, Inc. Diamond Clothes, Inc. Income Statement (dollars in millions)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales $ 667,500 Cost of goods sold 302,000 Gross profit 365,500 Operating expenses (excluding depreciation) $ 149,400 Depreciation expense 37,750 187,150 Other gains (losses) Loss on sale of equipment (22,125) Income before taxes 156,225 Income taxes expense 48,050 Net income $ 108,175 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year…
Please do both part 1 and 2
The primary purpose of the statement of cash flows is to provide information about the investing and financing activities during a period. facilitate banking relationships. provide information about the cash receipts and cash payments during a period. prove that revenues exceed expenses if there is a net income.
please help me to check the answers
Please read through the questions carefully and enter answers carefully with the table provided
Consider the following balance sheet and income statement for Mmm Good Foods Incorporated (the company that operates Tasty Fried Chicken and Pizza Party), in condensed form, including some information from the cash flow statement: (amounts are in millions) Balance Sheet Cash and short-term Investments Accounts receivable Inventory Other current assets Long-lived assets Total assets Current liabilities Total liabilities Noncontrolling interest Shareholders equity Total liabilities and equity Income Statement. Sales Cost of sales Gross margin Earnings before interest and taxes Interest Taxes Income from discontinued operations Net income. Share price Earnings per share. Number of outstanding shares (millions) Cash Flows Cash flow from operations Capital expenditures Dividends Mmm Good Foods Incorporated 2019 $ 716 382 48 432 4,068 $5,646 $1,429 11,158 (5,512) $5,646 $ 6,486 3,558 $ 2,928 $1,637 319 336 613 $1,595 $75 5.31 356.2 $1,216 416 754
Please don't give image format
use the information in the income statement below to calculate operating cash flow (OCF). sales- $1,280 COGS- $620 Dep Exp- $180 EBIT- $480 Int Exp- $110 EBT- $370 Taxes- $78 NI- $292
Classify the following cash flows as either operating, investing, or financing activities, assuming the indirect method. Cash Flow 1. Cash paid to purchase investments. 2. Paid cash dividends. 3. Paid long-term debt with cash. 4. Paid cash for rent. 5. Issued common stock for cash. 6. Paid cash for wages and salaries. 7. Received cash interest on a note. 25 8. Paid cash for property taxes on building. 9. Paid accounts payable with cash. 10. Received cash from sale of land. Activity Investing Financing Financing Operating
Required information [The following information applies to the questions displayed below.] Consider the following balance sheet and income statement for Mmm Good Foods Incorporated (the company that operates Tasty Fried Chicken and Pizza Party), in condensed form, including some information from the cash flow statement: (amounts are millions) Balance Sheet Cash and short-term investments Accounts receivable Inventory Other current assets Long-lived assets Total assets Current liabilities Total liabilities Shareholders' equity Total liabilities and equity Income Statement Sales Cost of sales Gross margin Earnings before interest and taxes Interest Taxes Net income Share price Earnings per share Number of outstanding shares (millions) Cash Flows Cash flow from operations Capital expenditures Dividends Mmm Good Foods Incorporated 2019 2018 $743 623 $ 443 597 161 3,704 $ 5,231 $ 1,541 13, 247 (8,016) $ 5,231 $ 5,597 1,235 $ 4,362 $ 1,859 486 79 $ 1,294 $ 102 4.23 300 $ 1,315 196 511 167…
Which of the following statements describes the statement of cash flows? Group of answer choices It reports a company's cash inflows and outflows for a period. It reports the total assets. It reports the changes in stockholders' equity. It reports the changes in retained earnings.
ans in txt form