Southeast Systems has the following balance sheet and the income statement. Make sure the unit is in million dollars. (unit: $ in millions) Southeast Systems Balance Sheets 2013 2014 2013 2014 Cash $50 $100 Accounts payable $450 $500 Accounts receivable 600 700 Notes payable 300 400 Inventory 500 550 Long-term debt 650 650 Net fixed assets 1,000 1,000 Common equity 300 300 Retained earnings 450 500 Total Assets $2,150 $2,350 Total Liabilities & Owner’s Equity $2,150 $2,350 Income Statement 2014 Net sales $2,370 Cost of goods sold 2,070 Depreciation 200 EBIT 100 Interest expenses ( ) Taxable income 80 Taxes 28 Net income $52 Dividends $2 (1) What is the addition to the retained earnings? (2) Compute the operating cash flow (OCF) for 2014. (1) $50 million (2) $172 million (1) $52 million (2) $300 million (1) $50 million (2) $272 million (1) $52 million (2) $272 million (1) $50 million (2) $300 million

Southeast Systems has the following balance sheet and the income statement. Make sure the unit is in million dollars. (unit: $ in millions) Southeast Systems Balance Sheets 2013 2014 2013 2014 Cash $50 $100 Accounts payable $450 $500 Accounts receivable 600 700 Notes payable 300 400 Inventory 500 550 Long-term debt 650 650 Net fixed assets 1,000 1,000 Common equity 300 300 Retained earnings 450 500 Total Assets $2,150 $2,350 Total Liabilities & Owner’s Equity $2,150 $2,350 Income Statement 2014 Net sales $2,370 Cost of goods sold 2,070 Depreciation 200 EBIT 100 Interest expenses ( ) Taxable income 80 Taxes 28 Net income $52 Dividends $2 (1) What is the addition to the retained earnings? (2) Compute the operating cash flow (OCF) for 2014. (1) $50 million (2) $172 million (1) $52 million (2) $300 million (1) $50 million (2) $272 million (1) $52 million (2) $272 million (1) $50 million (2) $300 million

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 11MCQ: Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital...

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Southeastern IT Systems has the following balance sheet and the income statement. Make sure the unit is in million dollars. (unit: $ in millions) Southeastern IT Systems Balance Sheets 2013 2014 2013 2014 Cash $1,000 $1,200 Accounts payable $800 $850 Accounts receivable 6,500 7,500 Notes payable 7,500 8,000 Inventory 1,500 2,000   Current liabilities 8,300 8,850 Current assets 9,000 10,700 Long-term debt 1,000 1,000 Net fixed assets 3,000 3,500 Common equity 500 500 Retained earnings 2,200 3,850 Total Assets $12,000 $14,200 Total Liabilities & Owner’s Equity $12,000 $14,200 Income Statement             2014 Net sales $15,000 Cost of goods sold 10,000 Depreciation 700 EBIT 4,300 Interest expenses 400 Taxable income 3,900 Taxes 1,365 Net income $2,535 Dividends (        )…
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Southeast Systems Balance Sheets
	2013	2014		2013	2014
Cash	$50	$100	Accounts payable	$450	$500
Accounts receivable	600	700	Notes payable	300	400
Inventory	500	550	Long-term debt	650	650
Net fixed assets	1,000	1,000	Common equity	300	300
			Retained earnings	450	500
Total Assets	$2,150	$2,350	Total Liabilities & Owner’s Equity	$2,150	$2,350

Income Statement
	2014
Net sales	$2,370
Cost of goods sold	2,070
Depreciation	200
EBIT	100
Interest expenses	( )
Taxable income	80
Taxes	28
Net income	$52
Dividends	$2

		(1) $50 million (2) $172 million
		(1) $52 million (2) $300 million
		(1) $50 million (2) $272 million
		(1) $52 million (2) $272 million
		(1) $50 million (2) $300 million