38.

please fix the incorrect answer

40.

problem 38. is similar to problem 40.

Return to questi Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below 0.35 points Comparative Balance Sheets December 31, 2018 and 2817 ( in millions) 2018 Assets Cash Accounts receivable Prepaid insurance Inventory Buildings and equipment Less: Accumulated depreciation (126) (247) $31 150 239 255 215 492 100 357 681 $ 85 114 $873 Liabilities Accounts payable Accrued expenses payable Notes payable Bonds payable Shareholders' Equity Common stock Retained earnings 57 148 407 71 407 873 $ 601 RED, INC. Statement of Income For Year Ended December 31, 2018 (s in millions) Revnues Mc Graw Return to question 38 Statement of Income For Year Ended December 31, 2818 Revenues Sales revenue Expenses Cost of goods sold Depreciation expense Operating expenses Net income $2,280 0.35 points $1,s80 23 520 2,843 $ 157 Additional information from the accounting records a. During 2018, $315 million of equipment was purchased to replace S180 million of equipment(80% depreciated sold at book value b. In order to maintain the usual policy of paying cash dividends of $57 million, it was necessary for Red to borrow $57 million from its bank Required: Prepare the statement of cash flows of Red, Inc, using the direct method to report operating activities. (Enter your answers in millions (i.., 10,000,000 should be entered es 10). Amounts to be deducted should be indicated with a minus sign 3 Answer is complete but not entirely correct. RED, INC. Statement of Cash Flows vear ended December 31. 2018 (S in Mc K Prex38 of 40 Next> Prepare the statement of cash flows of Red, Inc, using the direct method to report operating activities. (Enter your answers in millilons (l.e., 10,000,000 should be entered as 10). Amounts to be deducted should be Indlcated with a minus sign.) 0.35 3 Answer is complete but not entirely correct. points Statement of Cash Flows Cash Bows from operating activities: Cash infiows: From customers s 2.184 Cash outflows: To suppliers of goods (1,044) (524) Net cash flows from operating activities cash flows from inveng activities 10 (315) 36 Saie of equipment Net cash fiows from investing activitiea Cash fows from financing actvises (279) ssuance of note payable lssuanoe of bonds payable Payment of cash dividends 57 148 Net cash flows from financing actvite s 148 Net increase (decrease) in cash Cash balance. January 1 Cash balance. December 31 (115 150 35 Check my work 40 Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) Assets eBook $26 203 114 Accounts receivable Prepaid insurance Inventory Buildings and equipment Less: Accumulated depreciation(121) 134 Print 289 177 384 352 792 $ 541 $.98 104 (242) Liabilities Accounts payable Accrued expenses payable Notes payable Bonds payable Shareholders' Equity Common stock Retained earnings 10 43 161 402 20 $792 541 402 86 RED, INC. Statement of Income For Year Ended December 31, 2018 ( in millions) Revenues Mc Graw