RED, INCORPORATED Statement of Income For Year Ended December 31, 2024 (s in millions) Revenues Sales revenue Expenses Cost of goods sold. Depreciation expense Operating expenses Net income $ 1,414 41 449 $ 2,010 1,904 $ 106 Additional information from the accounting records: a. During 2024, $231 million of equipment was purchased to replace $180 million of equipment (90% depreciated) sold at book value. b. In order to maintain the usual policy of paying cash dividends of $51 million, it was necessary for Red to borrow $51 million from its bank. Required: Prepare the statement of cash flows for Red, Incorporated, using the indirect method to report operating activities. Note: Cash outflows should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).

RED, INCORPORATED Statement of Income For Year Ended December 31, 2024 (s in millions) Revenues Sales revenue Expenses Cost of goods sold. Depreciation expense Operating expenses Net income $ 1,414 41 449 $ 2,010 1,904 $ 106 Additional information from the accounting records: a. During 2024, $231 million of equipment was purchased to replace $180 million of equipment (90% depreciated) sold at book value. b. In order to maintain the usual policy of paying cash dividends of $51 million, it was necessary for Red to borrow $51 million from its bank. Required: Prepare the statement of cash flows for Red, Incorporated, using the indirect method to report operating activities. Note: Cash outflows should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 7E

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