The chief accountant for Grandview Corporation provides you with the company’s 2024 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in the company’s comparative balance sheets. These financial statements are shown next ($ in millions).

Required:

1. Calculate the missing amounts.

2. Prepare the operating activities section of Grandview’s 2024 statement of cash flows using the indirect method. Use a format similar to the one in the Concept Review Exercise at the end of Part B of this chapter.

Transcribed Image Text:

GRANDVIEW CORPORATION Statement of Cash Flows For the Year Ended December 31, 2024 $71 Cash Flows from Operating Activities: Collections from customers Payment to suppliers Payment of general & administrative expense Payment of income taxes Net cash flows from operating activities Cash Flows from Investing Activities: Sale of investments Cash Flows from Financing Activities: Issuance of common stock Payment of dividends Net cash flows from financing activities Net increase in cash (30) (18) (9) 10 (3) $14 65 7 $86