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Statement of Cash Flows for Power Panther Corporation - Homework | Fin 331, Assignments of Finance

Material Type: Assignment; Class: Business Finance I; Subject: Finance; University: University of Mississippi Main Campus; Term: Spring 2008;

Typology: Assignments

Pre 2010

Uploaded on 09/02/2009

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FIN 331 Homework
Due Thursday, January 29, 2008
Construct the 2008 statement of cash flows for Powell Panther Corporation:
Powell Panther Corporation
Balance Sheets as of December 31, 2007 and 2008
2007
2008
2007
2008
Assets
Current assets
Cash
Accounts receivable
Inventory
$10.0
150.0
200.0
$12.0
180.0
180.0
Current Liabilities
Accounts payable
Accruals
Notes payable
$90.0
60.0
51.5
$108.0
67.0
72.0
Total
$360.0
$372.0
Total
$201.5
$247.0
Fixed assets
Net plant and equipment
$250.0
$300.0
Long-term debt
Owners’ Equity
Common stock
Retained earnings
$150.0
$50.0
208.5
$150.0
$50.0
225.0
Total
$258.5
$275.0
Total assets
$610.0
$672.0
Total
$610.0
$672.0
Powell Panther Corporation
2008 Income Statement
Net sales
Operating costs (except deprec & amort)
Depreciation and amortization
$1,200.0
1,020.0
30.0
Operating income (EBIT)
Interest paid
$150.0
21.7
Taxable income
Taxes (40%)
$128.3
51.3
Net income
$77.0
Dividends
Addition to retained earnings
$60.5
$16.5

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FIN 331 Homework Due Thursday, January 29, 2008

Construct the 2008 statement of cash flows for Powell Panther Corporation:

Powell Panther Corporation Balance Sheets as of December 31, 2007 and 2008 2007 2008 2007 2008 Assets Liabilities and Owner’s Equity Current assets Cash Accounts receivable Inventory

Current Liabilities Accounts payable Accruals Notes payable

Total $360.0 $372.0 Total $201.5 $247. Fixed assets Net plant and equipment $250.0 $300. Long-term debt Owners’ Equity Common stock Retained earnings

Total $258.5 $275. Total assets $610.0 $672.0 Total $610.0 $672. Powell Panther Corporation 2008 Income Statement Net sales Operating costs (except deprec & amort) Depreciation and amortization

Operating income (EBIT) Interest paid

Taxable income Taxes ( 40 %)

Net income $77. Dividends Addition to retained earnings