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A comparative balance sheet and an income statement for Blankley Company are given below:
Blankley CompanyIncome Statement(dollars in millions)Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,700Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,540Gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,160Selling and administrative expenses . . . . . . . . . . . . . $ 880Net operating income . . . . . . . . . . . . . . . . . . . . . . . . $ 280Non operating items: Gain on sale of equipment . . . . $ 2Income before taxes . . . . . . . . . . . . . . . . . . . . . . . . . . $ 282Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 112Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 170
Blankley also provided the following information:
1. The company sold equipment that had an original cost of $12 million and accumulated depreciation of $7 million. The cash proceeds from the sale were $7 million. The gain on the sale was $2 million.2. The company did not issue any new bonds during the year.3. The company paid a cash dividend during the year.4. The company did not complete any common stock transactions during the year.
Required:
1. Using the indirect method, prepare a statement of cash flows for the year.2. Assume that Blankley had sales of $3,900, net income of $190, and net cash provided by operating activities of $160 in the prior year (all numbers are stated in millions). Prepare a memo that summarizes your interpretations of Blankley's financial performance.
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