Chris’ Outdoor Furniture, Inc., has net cash flows from operating activities for the last year of $340 million. The income statement shows that net income is $315 million and depreciation expense is $46 million. During the year, the change in inventory on the balance sheet was $38 million, change in accrued wages and taxes was $15 million, and change in accounts payable was $20 million. At the beginning of the year the balance of accounts receivable was $50 million. Calculate the end-of-year balance for accounts receivable.
Answer to relevant QuestionsDogs 4 U Corporation has net cash flow from financing activities for the last year of $34 million. The company paid $178 million in dividends last year. During the year, the change in notes payable on the balance sheet was ...Listed is the 2015 income statement for Tom and Sue Travels, Inc.Tom and Sue Travels, Inc.Income Statement for Year Ending December 31, 2015(in millions of dollars)Net sales ................ $16.500Less: Cost of goods ...For each of the actions listed, determine what would happen to the current ratio. Assume nothing else on the balance sheet changes and that net working capital is positive.Why is it important to know a firm’s accounting rules before making any conclusions about its performance from ratios analysis?Maggie’s Skunk Removal Corp.’s 2015 income statement listed net sales = $12.5 million, gross profit of $6.9 million, EBIT = $5.6 million, net income available to common stockholders = $3.2 million, and common stock ...
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