ABC Corporation Comparative Balance Sheets at December
31 (in millions)
Assets
20X1
20X2
Cash
$8
$6
Notes payable
$15
$10
Accounts receivable
16
22
Accounts payable
6
12
Inventories
15
16
Accrued wages
4
6
Total current assets
39
44
Accrued taxes
3
5
Fixed assets, net
53
54
Total current liabilities
28
33
Other assets
3
5
Long-term debt
12
8
Common stock
15
18
Retained earnings
40
44
Total assets
$95
$103
Total Liabilities & equity
$95
$103
ABC Corporation Statement of
Income and Retained Earnings
Year ended December 31, 20X2 (in millions)
Net sales
$75
Expenses
Cost of goods sold
$35
SG&A expenses
7
Depreciation
12
Interest
3
57
Net income before taxes
$18
Less: Taxes
6
Net income
$12
Add: Retained earnings at 12/31/20X1
40
Subtotal
$52
Less: Dividends
8
Retained earnings at 12/31/20X2
$44
In the sources and uses of funds statement, how much is the
change in fixed asset?
In the statement of cash flows, what is the cash flow under
financing activities?
In the sources and uses of funds statement, which one of the
following is NOT a use of fund?
In the statement of cash flows, which one of the following is
NOT a financing activity?
In the statement of cash flows, how much is the tax
paid?
In the statement of cash flows, what is the cash flow under
operating activities?
In the sources and uses of funds statement, which one of the
following is NOT a source of fund?
In the statement of cash flows, what is the cash flow under
investing activities?