18 The chief accountant for Grandview Corporation provides you with the company\

Question

18 The chief accountant for Grandview Corporation provides you with the company's 2018 stot statement The accountont has asked for your help with some missing figures in the company's financial stotements are shown next (S in millions). comperative belance sheets. These Statemnnt of Cash Flows 4.16 Polnta Cash Flows from Operating Aetivities Collections Erom customers Payment to suppliers Payeent of general s administrative APEnaes Payment of income baxes $140 (48) (37) (28) Print 27 Net cash flows £xom operating acoivities Cash Plows from Investing hetivities: Sale of inventments 84 Cash Flows from Financing Aetivities Issuance of common stoe Payment of dividends Net eash flowa from financing activiie9 (91 Net increase in cash 120 CORPORATION Income Statement For thn Y ar Ended Decemb.* 31, 2010 Sales zerenue Cost of goodsrold Gross PrOfit Opexating expenSn $156 51 105 General and administratire Deprecaation 37 29 TOt PERating expennes a9 Operating incon Obhez income Gain on sale of Envestmenes Income before inconn E 59 15 KeEllAneonE

Explanation / Answer

Workings:

2017 Cash 79 (199 - 120) 2018 Accounts receivable 119 (103 + 156 - 140) 2017 Inventory 72 See working below 2017 Accumulated depreciation 74 (103 - 29) 2017 Total assets 413 (79 + 103 + 64 + 72 + 169 - 74) 2018 Total assets 463 (199 + 119 + 79 + 169 - 103) 2017 Income taxes payable 54 (41 + 28 - 15) 2018 Retained earnings 68 (33 + 44 - 9)

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