Use the balance sheet and income statement below :

CLANCY’S DOG BISCUIT CORPORATION Balance Sheet as of December 31, 2015 and 2014 (in millions of dollars)
Assets	2015			2014				Liabilities and Equity	2015			2014
Current assets:								Current liabilities:
Cash and marketable securities	$	6		$	6			Accrued wages and taxes	$	7		$	5
Accounts receivable		38			28			Accounts payable		25			23
Inventory		33			33			Notes payable		24			21
Total	$	81		$	67			Total	$	56		$	49
Fixed assets:								Long-term debt:	$	43		$	41
Gross plant and equipment	$	91		$	72			Stockholders’ equity:
Less: Depreciation		20			16			Preferred stock (2 million shares)	$	2		$	2
								Common stock and paid-in surplus
Net plant and equipment	$	71		$	56			(5 million shares)		11			11
Other long-term assets		19			19			Retained earnings		63			46
Total	$	90		$	75			Total	$	76		$	59
Total assets	$	158		$	130			Total liabilities and equity	$	158		$	130

CLANCY’S DOG BISCUIT CORPORATION Income Statement for Years Ending December 31, 2015 and 2014 (in millions of dollars)
	2015				2014
Net sales	$	90			$	94
Less: Cost of goods sold		45				41
Gross profits	$	45			$	53
Less: Other operating expenses		6				5
Earnings before interest, taxes depreciation, and amortization (EBITDA)	$	39			$	48
Less: Depreciation		4				4
Earnings before interest and taxes (EBIT)	$	35			$	44
Less: Interest		5				5
Earnings before taxes (EBT)	$	30			$	39
Less: Taxes		9				12
Net income	$	21			$	27
Less: Preferred stock dividends	$	1			$	1
Net income available to common stockholders	$	20			$	26
Less: Common stock dividends		3				3
Addition to retained earnings	$	17			$	23
Per (common) share data:
Earnings per share (EPS)	$	4.00			$	5.20
Dividends per share (DPS)	$	0.60			$	0.60
Book value per share (BVPS)	$	14.80			$	11.40
Market value (price) per share (MVPS)	$	15.45			$	14.80

Prepare a statement of cash flows for Clancy’s Dog Biscuit Corporation. (Enter your answers in millions of dollars. Amounts to be deducted should be indicated with a minus sign. Leave no cells blank - be certain to enter "0" wherever required.)

Statement of Cash Flows for Year Ending December 31, 2015 (in millions of dollars)
A. Cash flows from operating activities
(Click to select)Net incomeNet loss	$
Additions (sources of cash):
(Click to select)Increase in long-term debt increase in accounts payable increase in accrued wages and taxes increase in notes payableDepreciation
(Click to select)Increase in accrued wages and taxes increase in notes payableIncrease in accounts payableDepreciationIncrease in long-term debt
(Click to select)Increase in long-term debt increase in notes payableIncrease in accounts payableDepreciationIncrease in accrued wages and taxes
Subtractions (uses of cash):
(Click to select)Increase in long-term debt increase in notes payableIncrease in inventory increase in accounts receivable increase fixed assets
(Click to select)Increase in accounts receivable increase in notes payableIncrease fixed assets increase in long-term debt increase in inventory
Net cash flow from operating activities	$
B. Cash flows from investing activities
Subtractions:
(Click to select)DepreciationIncrease in accounts payable increase in fixed assets increase in accrued wages and taxes increase in other long-term assets	$
(Click to select)Increase in other long-term assetsDepreciationIncrease in accrued wages and taxes increase in fixed assets increase in accounts payable
Net cash flow from investing activities	$
C. Cash flows from financing activities
Additions:
(Click to select)Increase in notes payableIncrease accrued wages and taxes increase in long-term debt increase in common and preferred stock increase in accounts payable	$
(Click to select)Increase in long-term debt increase in accounts payable increase accrued wages and taxes increase in common and preferred stock increase in notes payable
(Click to select)Increase accrued wages and taxes increase in notes payableIncrease in common and preferred stock increase in accounts payable increase in long-term debt
Subtractions:
(Click to select)Increase in accounts payable increase accrued wages and taxesCommon stock dividend preferred stock dividends increase in other long-term assets
(Click to select)Increase accrued wages and taxesCommon stock dividends increase in accounts payable increase in other long-term assets referred stock dividends
Net cash flow from financing activities	$
D. Net change in cash and marketable securities	$

Answer rating: 100% (QA)

ClancysDog Buiscuit Statement of Cash Flows for Year Ending December 31 2015 A Cash F... View the full answer