The financial statements of Martinez Enterprises follow: Additional Information: 1. No property, plant, and equipment was sold
Question:
The financial statements of Martinez Enterprises follow:
Additional Information:1. No property, plant, and equipment was sold during the year.2. Amortization of intangibles was $139.3 (million) for the year.
Required:
A. Prepare the operating section of the statement of cash flows using the direct method.B. Prepare the statement of cash flows using the indirect method.C. Discuss the relative benefits of the direct method.
Transcribed Image Text:
MARTINEZ ENTERPRISES Balance Sheet December 31, 2019, and 2018 (in millions) Cash and cash equivalents Short-term investments Accounts and notes receivable, net Inventories Prepaid expenses Property, plant, and equipment, net Intangibles, net Total assets Accounts payable Interest payable Short-term borrowings Income taxes payable Accrued marketing expense Other current liabilities Long-term debt Capital stock at par Capital in excess of par value Retained earnings Treasury stock Total liabilities and shareholders' equity 2019 $330.7 1,157.4 2,050.9 2018 $ 226.9 1,573.8 1,883.4 970.0 563.2 9,882.8 9,837.0 9.741.6 $24.792.0 $23.705.8 $1,451.6 $1,390.0 753-5 678.5 671.7 546.2 1,168.9 12,665.5 924.7 499.8 8,855.6 726.0 2,191.2 823.7 400.9 1,043.1 10,608.3 14.4 934.4 7,268.5 (1,361.2) $24.792.0 $23.705.8 13.4 879.5 6,541.9 (912.2)
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Introduction To AccountingAn Integrated Approach
ISBN: 9781119600107
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