Question
That is all i get for the question, maybe the 2019 just a typing error just...
that is all i get for the question, maybe the 2019 just a typing error just consider 2019 as 2020, thanks
Using U.S. Composite Corporation’s 2019 financials, the income statement below and the additional information provided, solve for the following 2020 financial information:
a.) Calculate U.S. Composite Corporation’s 2020 Statement of Cash Flow (including Cash Flow from Assets and Cash Flows to Creditors and Stakeholders) using the following data:
In addition, during 2020 U.S. Composite Corporation purchased $250 in new fixed assets and sold $45 in fixed assets. It also borrowed $150 in new long-term debt and retired $80 in debt, and repurchased $19 in equity and issued no new equity.
b.) Using the income statement, cash flow statement you derived in a.) and the above information, solve for the remaining entries in U.S. Composite Corporation’s 2020 balance sheet. What are U.S. Composite Corporation’s total assets at the end of 2020?
Income Statement (US$ in millions) 2020 $ 2,375 $ 1,766 $ 338 Total operating revenues Cost of goods sold Selling, general and admin exp $ $ $ $ 100 171 32 203 Depreciation Operating income Other income Earnings before int & tax (EBIT) Interest expense Pre-tax income Taxes Current Deferred Net income Addition to retained earnings Dividends $ $ $ 139 30 19 $ $ 66 43 Current liabilities: Accounts payable $515 2020 Current Assets & Liabilities Current assets: Cash and equivalents Accounts receivable Inventories Total current assets: $254 $309 $246 $809 Total current liabilities: $515
Answers
Statement of Cash flow of US Composite Corporation for 2020 Cash flow from Operating activities Profit after tax 109 Add : Depreciation 100 Cash flow from Operating activities 209 Cash flow from Investing Activities Fixed Assets Sold 45 Fixed Asset purchased -250 Cash flow from Investing Activities -205 Cash flow from Financing activities Issue of long term debt 150 Retired old debt -80 Cash flow from Financing activities 70 Net Increase in cash and cash equivalents during the year 74 Add :Opening Cash and cash equivalents 246 Cash and Cash equivalents at the end of the year 320
Total Assets of US Composit Corporations at the end of 2020 Current Assets US $ in Million Cash and Cash equivalents 119 Account receivables 309 Inventories 246 Total Current Assets 674 Fixed Assets 250 924
Working note Cash Account Particulars Amount Particulars Amount To balance b/d 254 By Fixed Assets 250 To Fixed Assets 45 By Disposal of Long term debt 80 To Long term debt 150 By Balance c/d 119 449 449 Explanations We assume that Old Fixed Assets of $ 45 M were sold during the year and Purchased Fixed Assets of $ 150 M. This has been shown here. We assume that Long term debt at the year end is 150 M as Old debt of $ 80 M has been paid off
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