Question: Using the information on the attached sheet for Windswept, Inc., prepare in good form a Sources and Uses of Funds Statement and a Cash Reconciliation

Using the information on the attached sheet for Windswept, Inc., prepare in good form a Sources and Uses of Funds Statement and a Cash Reconciliation along with any required sub schedules for the year ending 2019.

Windswept, Inc.

2019 Income Statement

($ in millions)

Net Sales

$ 8,450

Less: Cost of Goods Sold

7,240

Gross Margin

$ 1,210

Less: Depreciation

400

Earnings Before Interest and Taxes

$ 810

Less: Interest Paid

70

Earnings Before Taxes

$ 740

Less: Taxes

259

Net Income

$ 481

Windswept, Inc.

2018 and 2019 Balance Sheets

($ in millions)

2004

2005

2004

2005

Cash

$ 120

$ 140

Accounts Payable

$ 1,110

$ 1,120

Accounts Receivable

930

780

Notes Payable

0

0

Inventory

1,480

1,520

Total Current Liab.

$ 1,110

$ 1,120

Total Current Assets

$ 2,530

$ 2,440

Long-term Debt

840

1,210

Net Fixed Assets

3,150

3,600

Common Stock

3,200

3,000

Retained Earnings

530

710

Total Assets

$ 5,680

$ 6,040

Total Liab. & Equity

$ 5,680

$ 6,040

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