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The comparative balance sheets for 2013 and 2012 are given below for Surmise Company. Net income for 2013 was $80 million.SURMISE COMPANYComparative Balance SheetsDecember 31, 2013 and 2012($ in millions)2013 2012AssetsCash $ 90 $ 45Accounts receivable 89 106Less: Allowance for uncollectible accounts (24) (4)Prepaid expenses 19 16Inventory 139 117Long-term investment 134 95Land 98 98Buildings and equipment 392 270Less: Accumulated depreciation (137) (108)Patent 25 26$ 825 $ 661LiabilitiesAccounts payable $ 23 $ 42Accrued liabilities (4) 20Notes payable 48 0Lease liability 122 0Bonds payable 64 132Shareholders' EquityCommon stock 69 50Paid-in capital-excess of par 261 205Retained earnings 242 212$ 825 $ 661Required:Prepare the statement of cash flows of Surmise Company for the year ended December 31, 2013. Use the indirect method to present cash flows from operating activities because you do not have sufficient information to use the direct method. You will need to make reasonable assumptions concerning the reasons for changes in some account balances. A spreadsheet or T-account analysis will be helpful. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.)SURMISE COMPANYStatement of Cash FlowsFor year ended December 31, 2013($ in millions)Cash flows from operating activities:Net income $________________________Adjustments for noncash effects:______________________ $_______________________________________________ $_______________________________________________ $_________________________Changes in operating assets and liabilities______________________ $______________________________________________ $_______________________________________________ $_______________________________________________ $_______________________________________________ $_________________________Net cash flows from operating activitiesCash flows from investing activities:______________________ $_________________________Net cash flows from investing activitiesCash flows from financing activities:______________________ $_______________________________________________ $_______________________________________________ $_______________________________________________ $_________________________Net cash flows from financing activities $____________________________________Net Increase or Decrease $_____________________________________Cash balance, January 1 $ ________________________________________Cash balance, December 31 $ _________________________________________
The business is considering two proposals for their promotions of the professional courses.Proposal one could give a stable return throughout the period. Proposal Two would give hi
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Silva and Juanita Rodriquez are the owners of Year-Round Landscape, Inc., a small landscape and yard service business in southern California. The business is three years old and ha
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Consolidated acccounts 1AS 27 therefore requires that the holding a company should include the financial results of the subsidiary company in its own financial statements. The
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