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Category > Accounting Posted 29 Jul 2017 My Price 13.00

Holly Company

EXERCISE 14–4 Prepare a Statement of Cash Flows; Free Cash Flow [LO1, LO2,  LO3]

Comparative financial statement data for Holly Company are given below:

 

 

 

 

 

Assets

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

$    4

 

 

 

$    7

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . .

36

 

29

Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

75

 

61

Total current assets . . . . . . . . . . . . . . . . . . . . . . . .

115

 

97

Property, plant, and equipment . . . . . . . . . . . . . . .

210

 

180

Less accumulated depreciation . . . . . . . . . . . . .

40

 

30

Net property, plant, and equipment . . . . . . . . . . . .

170

 

150

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$285

 

$247

Liabilities and Stockholders’ Equity

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . .

 

$  45

 

 

$  39

Common stock  . . . . . . . . . . . . . . . . . . . . . . . . . . .

90

 

70

Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . .

150

 

138

Total liabilities and stockholders’ equity . . . . . . . . .

$285

 

$247

 

 

 

This year Holly declared and paid a cash dividend. There were no sales of plant and equipment during this year. The company did not repurchase any of its own stock this year.

Required:

1.       Using the indirect method, prepare a statement of cash flows for this year.

2.       Compute Holly’s free cash flow for this year.

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Maurice Tutor
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Status NEW Posted 29 Jul 2017 11:07 AM My Price 13.00

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