The chief accountant for Grandview Corporation provides you with the company’s 2018 statement of cash flows and income statement.

The chief accountant for Grandview Corporation provides you with the company’s 2018 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in the company’s comparative balance sheets. These financial statements are shown next ($ in millions).

GRANDVIEW CORPORATION

Statement of Cash Flows

For the Year Ended December 31, 2018Cash Flows from Operating Activities:       Collections from customers$116     Payment to suppliers (41)    Payment of general & administrative expenses (31)    Payment of income taxes (22)    Net cash flows from operating activities    $22 Cash Flows from Investing Activities:       Sale of investments     78 Cash Flows from Financing Activities:       Issuance of common stock 12     Payment of dividends (4)    Net cash flows from financing activities     8 Net increase in cash    $108 

GRANDVIEW CORPORATION

Income Statement

For the Year Ended December 31, 2018Sales revenue   $132 Cost of goods sold    45 Gross profit    87 Operating expenses:      General and administrative$31    Depreciation 23    Total operating expenses    54 Operating income    33 Other income:      Gain on sale of investments    16 Income before income taxes    49 Income tax expense    10 Net income   $39 

GRANDVIEW CORPORATION

Balance Sheets

At December 31 2018 2017 Assets:       Cash$177  $? Accounts receivable ?   97 Investments —   62 Inventory 73   ? Property, plant & equipment 163   163 Less: Accumulated depreciation (91)  ? Total assets ?   ? Liabilities and Shareholders’ Equity:       Accounts payable to suppliers$55  $43 Payables for selling & admin. expenses 22   22 Income taxes payable 35   ? Common stock 255   243 Retained earnings ?   33 Total liabilities and shareholders’ equity ?   ? 

Required:

1. Calculate the missing amounts.

2. Prepare the operating activities section of Grandview’s 2018 statement of cash flows using the indirect method

answer the damn question I’m paying a lot of money stop whining and answer it!

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