Comparative Statement of Financial Position for 2 0 X 4 and 2 0 X 3 , a
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Question:
Comparative Statement of Financial Position for X and X a Statement of income for X and additional information from the accounting records of Olaniyi Industries, are provided below:
Olaniyi Industries
Comparative Statement of Financial Position
December X and X$ in millions
XX
Assets
Cash $ $
Accounts receivable
Prepaid insurance
Inventory
Buildings and equipment
Less: Accumulated depreciation
$ $
Liabilities
Accounts payable $ $
Accrued liabilities
Notes payable
Bonds payable
Shareholders Equity
Common stock
Retained earnings
$ $
Olaniyi Industries
Statement of Income
For Year Ended December X
$ in millions
Revenues
Sales revenue $
Expenses
Cost of goods sold $
Depreciation expense
Operating expenses
Net income $
Additional information from the accounting records:
During X $ million of equipment was purchased to replace $ million of equipment depreciated sold at book value.
In order to maintain the usual policy of paying cash dividends of $ million, it was necessary for Olaniyi Industries to borrow $ million from its bank.
Required:
Prepare the statement of cash flows for Olaniyi Industries, using the indirect method to report operating activities.
Note: Cash outflows should be indicated with a minus sign. Enter your answers in MILLIONS OF DOLLARS ie should be entered as
Related Book For
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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