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That is all i get for the question, maybe the 2019 just a typing error just...

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:

Income Statement (US$ in millions) 2020 $ 2,375 $ 1,766 $ 338 Total operating revenues Cost of goods sold Selling, general an

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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