Question

Portions of the financial statements for BLANK Products are provided below. BLANK PRODUCTS COMPANY Income Statement...

Portions of the financial statements for BLANK Products are provided below.

BLANK PRODUCTS COMPANY
Income Statement
For the Year Ended December 31, 2024
($ in millions)
Sales $ 600
Cost of goods sold 210
Gross margin 390
Salaries expense $ 80
Depreciation expense 70
Amortization expense 5
Interest expense 10
Loss on sale of land 3 168
Income before taxes 222
Income tax expense 111
Net Income $ 111
BLANK PRODUCTS COMPANY
Selected Accounts from Comparative Balance Sheets
December 31, 2024 and 2023
($ in millions)
Year
2024 2023 Change
Cash $ 105 $ 102 $ 3
Accounts receivable 222 235 (13 )
Inventory 441 452 (11 )
Accounts payable 145 138 7
Salaries payable 81 88 (7 )
Interest payable 28 22 6
Income tax payable 18 12 6


Required:
Prepare the cash flows from the operating activities section of the statement of cash flows for BLANK Products Company using the indirect method. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

($ in millions)

Cash Flows from Operating Activities:

Net incomeAdjustments for noncash effects: (5 lines)

Changes in operating assets and liabilities: (7 lines)

Net cash flows from operating activities

Homework Answers

Answer #1
Cash flows from operating activities         
Net Income $ 111.00
Adjustments for noncash effects:
Depreciation expense $ 70.00
Amortization expense $     5.00
Loss on sale of land $     3.00
Changes in operating assets and liabilities
Decrease in accounts receivable $ 13.00
Decrease in inventory $ 11.00
Increase in accounts payable $     7.00
Decrease in salaries payable $ (7.00)
Increase in interest payable $     6.00
   Increase in income tax payable $     9.00
$ 117.00
net cash flows operating activities $ 228.00
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