Hi this is for comm 217 financial accounting. Can you please answer this question.
LAPORTE INC. Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities: Cash payments: Net cash used for operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities Cash balance, January 1, 2017 Cash balance, December 31, 2017
The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2016 and 2017, and on its statement of earnings for the year ended December 31, 2017. Amounts are in millions of dollars: Statements of Financial Position 2017 2016 Cash $ 130 $ 88 Accounts receivable 54 44 Merchandise inventory 48 52 Long-term investments 38 Property, plant, and equipment 256 220 Accumulated depreciation (98) (116) Total assets $ 390 $ 326 Accounts payable S 44 78 Income taxes payable 23 30 Long-term borrowings 100 40 Contributed capital 155 120 Retained earnings 68 Total liabilities and shareholders' equity S $ 326 Statement of Earnings Sales $ 200 Cost of sales (104) Gross profit 96 Depreciation expense (30) Other operating expenses (44.0) Earnings from operations 22.0 Gain on sale of investments 26 Loss on sale of equipment (22) Earnings before income tax 26.0 Income tax expense 10.4 Net earnings $ 15.6 Additional information is as follows: a. Old equipment was sold for cash during 2017. It had an original cost of $60 and an accumulated depreciation of $48. b. A new building was acquired during the year in exchange for a long-term note for $60, payable in five years. In addition, new equipment was purchased for cash. Required: 1. Prepare a statement of cash flows for Laporte Inc. for the year ended December 31, 2017 by using the direct method. (Negative answers should be indicated by a minus sign. Enter your answers in millions.)
303,122 students got unstuck by Course
Hero in the last week
Our Expert Tutors provide step by step solutions to help you excel in your courses