Question

Saved The following information for the year ended December 31, 2017, was reported by Bloomin' Brands the company that owns and operates Outback Steakhouse and Carrabba's Italian Grillrestaurants. Amounts are in millions of dollars. $ 88 110 1,417 170 237 Cash (balance on January 1, 2017) Cash (balance on December 31, 2017) Food and Supplies Expenses Accounts Payable Selling and Administrative Expenses Food and Supply Inventories Notes Payable Other Assets Other Liabilities Other Revenues Property, Fixtures, and Equipment Restaurant Sales Revenue Wages and Taxes Payable utilities and Other Expenses Wages Expense Retained Earnings, January 1, 2017 Contributed Capital 237 531 523 20 4.680 1.100 1,078 944 $ 38 2,582 2,954 Other cash flow information: Cash paid to purchase equipment Cash paid to suppliers and employees Cash received from customers Cash received from bank borrowings Cash received from sale of fixtures and equipment Repayments of bank borrowings Other cash outflows used for financing activities Other cash outflows used for investing activities Common shares issued to Owners in exchange for cash Dividends declared and paid in cash 66 6 Required: Prepare the four basic financial statements for 2017 (Enter your answers in millions. In Statement of cash flows, amounts to be deducted should be indicated by a minus sign.) BLOOMIN' BRANDS Income Statement For the Year Ended December 31, 2017 < Prev 5 of 5 Nord E e OR DELL

Answer 1

Answer:

Blooming Brands
Income Statement	Amount $
Restaurant Sales Revenue	4080
Other Revenues	23
Total Revenues	4103
Expenses:
Foods & Supplies Expense	1417
Selling & Administrative Expense	237
Utilities & Other Expense	1108
Wages Expense	1093
Total Expense	3855
Net Income	248
Statement of Retained Earnings	Amount $
Retained Earnings, January 1, 2017	1078
Add: Net Income	248
Less: Dividends	41
Retained Earnings, December 31, 2017	1285
Balance Sheet	Amount $
Assets
Cash	110
Food & Supplies Inventories	93
Other Assets	531
Property, Fixtures & Equipment	1699
Total Assets	2433
Liabilities & Owner's Equity
Liabilities	Amount $
Accounts Payable	170
Notes Payable	237
Other Liabilities	523
Wages & Taxes Payable	124
Total Liabilities	1054
Owner's Equity
Contributed Capital	94
Retained Earnings	1285
Total shareholder's equity	1379
Total Liabilities & shareholder's equity	2433
Cash Flow Direct Method	Amount $
Cash flow from operating activities
Cash Received from customers	2954
Less: Cash Payments
To Suppliers and employees	2582
Net Cash provided by operating activities	372
Cash Flow from Investing Activities
Equipment purchased	(388)
Furniture sold	48
Other cash outflows	(6)
Net cash used for Investing Activities	(346)
Cash Flow from Financing Activities
Issuance of Common Stock	24
Cash received from borrowings	385
Repayment of borrowings	(306)
Other cash outflows	(66)
Payment of dividends	(41)
Net Cash used for Financing Activities	(4)
Net Increase in cash	22
Add: Beginning Cash Balance	88
Ending cash Balance	110