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Question - Assume the following income statement and balance sheet information:
Service revenue (all cash) $175
Operating expenses
Salaries (all cash) 85
Net income $90
2020 2019
Current assets
Cash $1,250 $1,600
Short-term invest. 100 200
$1,350 $1,800
Liabilities
Borrowings 600 1,000
Stockholders' equity
Common stock 200 300
Retained earnings 550 500
750 800
Other information: The short-term investments are riskless and will be converted to a known amount of cash in 60 days. Borrowings are non- current. No gain or loss occurred when common stock was repurchased.
Required -
1. Calculate cash flow from operating activities.
2. Prepare the 2020 statement of changes in equity.
3. Calculate cash flow from financing activities.
4. Create a cash flow table. Show that cash effects net to a $450 outflow.
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