The consolidated balance sheets for the hoffmeister lumber c

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The consolidated balance sheets for the Hoffmeister Lumber Company at the beginning and end of 2015 follow. The company bought $50 million worth of fixed assets. The charge for depreciation in 2015 was $10 million. Net income was $33 million, and the company paid out $5 million in dividends.

a. Fill in the amount of the source or use in the appropriate column.

b. Prepare a statement of cash flows.

c. Briefly summarize your findings.

Hoffmeister Lumber Company: Balance Sheets at Beginning and End of 2015 (Millions of Dollars)

 

            Change

 

Jan-01

Dec-31

Source

Use

Cash

7

15

 

 

Marketable Securities

0

11

 

 

Net Receivables

30

22

 

 

Inventories

53

75

 

 

Total current assets

90

123

 

 

Gross fixed assets

75

125

 

 

Less accumulated depreciation

25

35

 

 

Net fixed assets

50

90

 

 

Total Assets

140

213

 

 

Accounts payable

18

15

 

 

Notes payable

3

15

 

 

Other current liabilities

15

7

 

 

Long-term debt

8

24

 

 

Common stock

29

57

 

 

Retained earnings

67

95

 

 

Total Liabilities and equity

$140

5211

 

 

Note: Total sources must equal total uses.

 

 

 

 

Reference no: EM13983490

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