Portions of the financial statements for BLANK Products are provided below. ...
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Accounting
Portions of the financial statements for BLANK Products are provided below.
BLANK PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2024 ($ in millions)
Sales
$
600
Cost of goods sold
210
Gross margin
390
Salaries expense
$
80
Depreciation expense
70
Amortization expense
5
Interest expense
10
Loss on sale of land
3
168
Income before taxes
222
Income tax expense
111
Net Income
$
111
BLANK PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions)
Year
2024
2023
Change
Cash
$
105
$
102
$
3
Accounts receivable
222
235
(13
)
Inventory
441
452
(11
)
Accounts payable
145
138
7
Salaries payable
81
88
(7
)
Interest payable
28
22
6
Income tax payable
18
12
6
Required: Prepare the cash flows from the operating activities section of the statement of cash flows for BLANK Products Company using the indirect method. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)
($ in millions)
Cash Flows from Operating Activities:
Net incomeAdjustments for noncash effects: (5 lines)
Changes in operating assets and liabilities: (7 lines)
Net cash flows from operating activities
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