Reference no: EM131104197
1. Why do you suppose financial statements are constructed on an accrual basis rather than a cash basis when cash accounting is so much easier to understand?
2. You are responsible for labor relations in your company. During heated labor negotiations, the General Secretary of your largest union exclaims, "Look, this company has $15 billion in assets, $7.5 billion in equity, and made a profit last year of $300 million-due largely, I might add, to the effort of union employees. So don't tell me you can't afford our wage demands." How would you reply?
3. Selected information for Blake's Restaurant Supply follows.
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($ millions)
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2013
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2014
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Net sales
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694
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782
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Cost of goods sold
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450
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502
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Depreciation
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51
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61
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Net income
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130
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142
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Finished goods inventory
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39
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29
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Accounts receivable
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57
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87
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Accounts payable
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39
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44
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Net fixed assets
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404
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482
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Year-end cash balance
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86
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135
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a. During 2014 how much cash did Blake's collect from sales?
b. During 2014 what was the cost of goods produced by the company?
c. Assuming the company neither sold nor salvaged any assets during the year, what were the company's capital expenditures during 2014?
d. Assuming that there were no financing cash flows during 2014 and basing your answer solely on the information provided, what was Blake's cash flow from operations in 2014?
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