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Cash Flow Statement
Create a Cash Flow Statement for Global Corporation for 2007. The Balance Sheet and Income Statements are provided below. Supplemental information:
• Additions to PP&E for 2007 is $33.4 million• Dividends for 2007 were $1 million• Ignore Retained Earnings Calculation: Net Income and Dividends are provided.
o No change in common stocko S/E increased $1 million = ΔR/E (NI-Div)
Table: Global Corporation Balance Sheet for 2007 and 2006
GLOBAL CORPORATION Balance Sheet Year ended December 31 (in $ millions)
Assets
2007
2006
Liabilities and Stockholders' Equity
Current Assets
Current Liabilities
Cash
23.2
20.5
Accounts payable
29.2
26.5
Accounts receivable
18.5
13.2
Notes payable/short-term debt
5.5
3.2
Inventories
15.3
14.3
Total current assets
57.0
48.0
Total current liabilities
34.7
29.7
Long-Term Assets
Long-Term Liabilities
Net property, plant, and equipment
113.1
80.9
Long-term debt
113.2
78.0
Total long-term assets
Total long-term liabilities
Total Liabilities
147.9
107.7
Stockholders' Equity
22.2
21.2
Total Assets
170.1
128.9
Total Liabilities and Stockholders' Equity
Table: Global Corporation Income Statement Sheet for 2007 and 2006
GLOBAL CORPORATION Income Statement Year ended December 31 (in $ millions)
Total sales
186.7
176.1
Cost of sales
-153.4
-147.3
Gross Profit
33.3
28.8
Selling, general, and administrative expenses
-13.5
-13
Research and development
-8.2
-7.6
Depreciation and amortization
-1.2
-1.1
Operating Income
10.4
7.1
Other income
-
Earnings Before Interest and Taxes (EBIT)
Interest income (expense)
-7.7
-4.6
Pretax Income
2.7
2.5
Taxes
-0.7
-0.6
Net Income
2.0
1.9
Earnings per share:
$0.56
$0.53
Diluted earnings per share:
$0.50
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