Cash Flows You are researching Time Manufacturing and have found the following accounting statement of cash flows for the most recent year. You also know that the company paid $82 million in current taxes and had an interest expense of $43 million. Use the accounting statement of cash flows to construct the financial statement of cash flows.
TIME MANUFACTURING Statement of Cash Flows ($ in millions) | |
Operations |
|
Net income | $144 |
Depreciation | 78 |
Deferred taxes | 16 |
Changes in assets and liabilities |
|
Accounts receivable | — 15 |
Inventories | 18 |
Accounts payable | 14 |
Accrued expenses | — 7 |
Other | 2 |
Total cash flow from operations | $250 |
Investing activities |
|
Acquisition of fixed assets | —$148 |
Sale of fixed assets | 19 |
Total cash flow from investing activities | —$129 |
Financing activities |
|
Retirement of long-term debt | —$135 |
Proceeds from long-term debt sales | 97 |
Change in notes payable | 5 |
Dividends | — 72 |
Repurchase of stock | — 11 |
Proceeds from new stock issue | 37 |
Total cash flow from financing activities | —$ 79 |
Change in cash (on balance sheet) | $ 42 |
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