Gibson Entities had the following financial data for the year ended December 31, 2002: millions of $ Capital expenditures 75.0 Dividends declared 1.2 Net income 17.0 Common stock issued 33.0 Increase in accounts receivable 12.0 Depreciation and amortization 3.5 Proceeds from sale of assets 6.0 Gain on sale of assets 0.5 Based on the above, what is the ending cash balance at December 31, 2002, assuming an open- ing cash balance of $47.0 million? a. $13.0 million b. $17.8 million c. $19.0 million d. $43.0 million

Gibson Entities had the following financial data for the year ended December 31, 2002: millions of $ Capital expenditures 75.0 Dividends declared 1.2 Net income 17.0 Common stock issued 33.0 Increase in accounts receivable 12.0 Depreciation and amortization 3.5 Proceeds from sale of assets 6.0 Gain on sale of assets 0.5 Based on the above, what is the ending cash balance at December 31, 2002, assuming an open- ing cash balance of $47.0 million? a. $13.0 million b. $17.8 million c. $19.0 million d. $43.0 million

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 7MC

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