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Homework answers / question archive / Consider the following simplified Statement of Comprehensive Income and Statement of Financial Position from Smith Corporation’s 2018 Annual Report to Shareholders
Consider the following simplified Statement of Comprehensive Income and Statement of
Financial Position from Smith Corporation’s 2018 Annual Report to Shareholders.
Smith Corporation Statement of Comprehensive Income ($ millions)
|
Net sales |
$8,324 |
|
Cost of goods sold |
$4,988 |
|
Depreciation |
$1,190 |
|
Earnings before interest and taxes |
$2,146 |
|
Interest paid |
$320 |
|
Taxable income |
$1,826 |
|
Taxes |
$621 |
|
Net income |
$1,205 |
Smith Corporation Statement of Financial Position 2017 & 2018 ($ millions)
|
2017 |
2018 |
2017 |
2018 |
||
|
Cash |
$5,415 |
$3,341 |
Accounts Payable |
1,110 |
1,650 |
|
Accounts rec. |
$2,460 |
$979 |
Notes Payable |
2,500 |
1,900 |
|
Inventory |
$2,405 |
$2,885 |
Total |
3,610 |
3,550 |
|
Total |
10,280 |
7,205 |
Long-Term debt |
4,800 |
4,600 |
|
Net fixed assets |
12,300 |
16,720 |
Common Stock |
5,100 |
5,900 |
|
Retained earnings |
9,070 |
9,875 |
|||
|
Total assets |
22,580 |
23,925 |
Total liabilities and Owner’s equity |
22,580 |
23,925 |
d. Calculate cash-flow from assets, cash-flow to debtholders, and cash-flow to equity holders. Does the cash-flow identity hold?
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