Comparative financial statement data for Carmono Company follow. This Year Last
ID: 2532171 • Letter: C
Question
Comparative financial statement data for Carmono Company follow. This Year Last Year AssetS $ 11.50 66.00 112.50 190.00 255.00 52.00 203.00 $393.00 $ 22.00 59.00 100.00 181.00 210.00 39.00 171.00 $352.00 Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 67.50 150.00 175.50 $393.00 $ 54.00 115.00 183.00 $352.00 For this year, the company reported net income as follows Sales Cost of goods sol Gross marqin Selling and administrative expenses Net income $1,250.00 750.00 500.00 480.00 $20.00Explanation / Answer
Carmmono Company Statement of Cash Flows For the year ended December 31, 20xx Cash flows fro opearting activities: Net Income $ 20 Adustments to reconcile net income to net cash provided by operating activities Add: Depreciation 13 (52-39) Less: Increase in accounts receivable (7) (66-59) Less: Increase in inventory (12.50) (112.5-100) Add: Increase in accounts payable 13.50 (67.5-54) $7 Net cash provided by operating activities $27 Cash flows from investing activities: Purchase of Property, plant and building (45) (255-210) Net cash used by investing activities (45) Cash flows from financing activities: Issue of common stock 35 (150-115) Payments of cash dividend (27.50) (183+20-175.5) Net cash provided by financing activities 7.50 Decrease in cash (10.50) Cash at beginning of period 20 Cash at end of period 9.50 Free Cash flow = Operating cash flow less: Capital Expenditure 27-45 $ (18.00)
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