Question: TGIF Corp. Let's Do a Cash Flow Statement TGIF Corp. Statement of Financial Position December 31, ($ in millions) 2022 2021 Cash 45 40 Accounts

TGIF Corp. Let's Do a Cash Flow Statement TGIF Corp. Statement of Financial Position December 31, ($ in millions) 2022 2021 Cash 45 40 Accounts Receivable 92 96 Allowance for doubtful accounts 123 (12) (4) Prepaid expensees 8 5 Inventory 145 130 Long-term investment 80 40 Land 100 100 Buildings 411 300 Accumulated depreciation (142) (120) Patent 16 17 TOTAL ASSETS 743 604 Accounts payable 15 32 Accrued liabilities 0 10 Notes payable 95 125 Obligations under capital lease 111 0 Bonds payable 65 50 Common stock 245 205 Retained earnings 212 182 TOTAL LIABILITIES AND STOCKHOLDERS' 743 EQUITY 604 Additional Information: 1. Net income and a cash dividend are the reasons for the change in retained earnings. 2. Common stock was issued for cash during 2022 3. Net income for 2022was $50,000,000 4. The increase in buildings is the result of entering into a capital lease valued at $111,000,000. Required: Prepare a cash flow statement with the information above. For the toolbar prea ALT

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!