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Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information...

Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information from the accounting records of Red, Inc., are provided below.

RED, INC. Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions)
	2021			2020
Assets
Cash	$	32		$	128
Accounts receivable		149			140
Prepaid insurance		8			4
Inventory		301			183
Buildings and equipment		416			358
Less: Accumulated depreciation		(127	)		(248	)
	$	779		$	565
Liabilities
Accounts payable	$	95		$	116
Accrued liabilities		7			12
Notes payable		58			0
Bonds payable		170			0
Shareholders’ Equity
Common stock		408			408
Retained earnings		41			29
	$	779		$	565

RED, INC. Statement of Income For Year Ended December 31, 2021
($ in millions)
Revenues
Sales revenue			$	2,060
Expenses
Cost of goods sold	$	1,457
Depreciation expense		41
Operating expenses		492		1,990
Net income			$	70

Additional information from the accounting records:

During 2021, $238 million of equipment was purchased to replace $180 million of equipment (90% depreciated) sold at book value.
In order to maintain the usual policy of paying cash dividends of $58 million, it was necessary for Red to borrow $58 million from its bank.

Required:
Prepare the statement of cash flows of Red, Inc., using the direct method to report operating activities. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

In: Accounting

Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information...

Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information from the accounting records of Red, Inc., are provided below.

RED, INC. Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions)
	2021			2020
Assets
Cash	$	35		$	134
Accounts receivable		200			143
Prepaid insurance		5			3
Inventory		307			186
Buildings and equipment		422			361
Less: Accumulated depreciation		(130	)		(251	)
	$	839		$	576
Liabilities
Accounts payable	$	98		$	122
Accrued liabilities		4			9
Notes payable		61			0
Bonds payable		173			0
Shareholders’ Equity
Common stock		411			411
Retained earnings		92			34
	$	839		$	576

RED, INC. Statement of Income For Year Ended December 31, 2021
($ in millions)
Revenues
Sales revenue			$	2,110
Expenses
Cost of goods sold	$	1,424
Depreciation expense		41
Operating expenses		526		1,991
Net income			$	119

Additional information from the accounting records:

During 2021, $241 million of equipment was purchased to replace $180 million of equipment (90% depreciated) sold at book value.
In order to maintain the usual policy of paying cash dividends of $61 million, it was necessary for Red to borrow $61 million from its bank.

Required:
Prepare the statement of cash flows of Red, Inc., using the direct method to report operating activities. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

In: Accounting

Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information...

Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below.

RED, INC. Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions)
	2018			2017
Assets
Cash	$	44		$	152
Accounts receivable		198			152
Prepaid insurance		12			5
Inventory		325			195
Buildings and equipment		440			370
Less: Accumulated depreciation		(139	)		(260	)
	$	880		$	614
Liabilities
Accounts payable	$	107		$	140
Accrued expenses payable		11			16
Notes payable		70			0
Bonds payable		181			0
Shareholders’ Equity
Common stock		420			420
Retained earnings		91			38
	$	880		$	614

RED, INC. Statement of Income For Year Ended December 31, 2018
($ in millions)
Revenues
Sales revenue			$	2,200
Expenses
Cost of goods sold	$	1,482
Depreciation expense		50
Operating expenses		545		2,077
Net income			$	123

Additional information from the accounting records:

During 2018, $250 million of equipment was purchased to replace $180 million of equipment (95% depreciated) sold at book value.
In order to maintain the usual policy of paying cash dividends of $70 million, it was necessary for Red to borrow $70 million from its bank.

Required:
Prepare the statement of cash flows of Red, Inc. using the indirect method to report operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

In: Accounting

Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information...

Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below.

RED, INC. Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions)
	2018			2017
Assets
Cash	$	25		$	112
Accounts receivable		180			133
Prepaid insurance		8			4
Inventory		287			176
Buildings and equipment		402			351
Less: Accumulated depreciation		(120	)		(241	)
	$	782		$	535
Liabilities
Accounts payable	$	88		$	102
Accrued expenses payable		7			13
Notes payable		51			0
Bonds payable		161			0
Shareholders’ Equity
Common stock		401			401
Retained earnings		74			19
	$	782		$	535

RED, INC. Statement of Income For Year Ended December 31, 2018
($ in millions)
Revenues
Sales revenue			$	2,010
Expenses
Cost of goods sold	$	1,414
Depreciation expense		41
Operating expenses		449		1,904
Net income			$	106

Additional information from the accounting records:

During 2018, $231 million of equipment was purchased to replace $180 million of equipment (90% depreciated) sold at book value.
In order to maintain the usual policy of paying cash dividends of $51 million, it was necessary for Red to borrow $51 million from its bank.

Required:
Prepare the statement of cash flows of Red, Inc. using the indirect method to report operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

In: Accounting

Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information...

Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information from the accounting records of Red, Inc., are provided below.

RED, INC. Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions)
	2021			2020
Assets
Cash	$	28		$	114
Accounts receivable		184			136
Prepaid insurance		13			8
Inventory		250			179
Buildings and equipment		451			354
Less: Accumulated depreciation		(123	)		(244	)
	$	803		$	547
Liabilities
Accounts payable	$	93		$	108
Accrued liabilities		12			18
Notes payable		54			0
Bonds payable		172			0
Shareholders’ Equity
Common stock		404			404
Retained earnings		68			17
	$	803		$	547

RED, INC. Statement of Income For Year Ended December 31, 2021
($ in millions)
Revenues
Sales revenue			$	2,020
Expenses
Cost of goods sold	$	1,414
Depreciation expense		41
Operating expenses		460		1,915
Net income			$	105

Additional information from the accounting records:

During 2021, $277 million of equipment was purchased to replace $180 million of equipment (90% depreciated) sold at book value.
In order to maintain the usual policy of paying cash dividends of $54 million, it was necessary for Red to borrow $54 million from its bank.

Required:
Prepare the statement of cash flows of Red, Inc., using the direct method to report operating activities. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

In: Accounting

Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information...

Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below.

RED, INC. Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions)
	2018			2017
Assets
Cash	$	24		$	110
Accounts receivable		178			132
Prepaid insurance		7			3
Inventory		285			175
Buildings and equipment		400			350
Less: Accumulated depreciation		(119	)		(240	)
	$	775		$	530
Liabilities
Accounts payable	$	87		$	100
Accrued expenses payable		6			11
Notes payable		50			0
Bonds payable		160			0
Shareholders’ Equity
Common stock		400			400
Retained earnings		72			19
	$	775		$	530

RED, INC. Statement of Income For Year Ended December 31, 2018
($ in millions)
Revenues
Sales revenue			$	2,000
Expenses
Cost of goods sold	$	1,400
Depreciation expense		50
Operating expenses		447		1,897
Net income			$	103

Additional information from the accounting records:

During 2018, $230 million of equipment was purchased to replace $180 million of equipment (95% depreciated) sold at book value.
In order to maintain the usual policy of paying cash dividends of $50 million, it was necessary for Red to borrow $50 million from its bank.

Required:
Prepare the statement of cash flows of Red, Inc., using the direct method to report operating activities. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

In: Accounting

Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information...

Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below.

RED, INC. Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions)
	2018			2017
Assets
Cash	$	43		$	138
Accounts receivable		196			151
Prepaid insurance		9			4
Inventory		302			194
Buildings and equipment		438			369
Less: Accumulated depreciation		(138	)		(259	)
	$	850		$	597
Liabilities
Accounts payable	$	106		$	138
Accrued expenses payable		8			15
Notes payable		69			0
Bonds payable		154			0
Shareholders’ Equity
Common stock		419			419
Retained earnings		94			25
	$	850		$	597

RED, INC. Statement of Income For Year Ended December 31, 2018
($ in millions)
Revenues
Sales revenue			$	2,190
Expenses
Cost of goods sold	$	1,471
Depreciation expense		41
Operating expenses		540		2,052
Net income			$	138

Additional information from the accounting records:

a.During 2018, $249 million of equipment was purchased to replace $180 million of equipment (90% depreciated) sold at book value.

b. In order to maintain the usual policy of paying cash dividends of $69 million, it was necessary for Red to borrow $69 million from its bank.

Required:
Prepare the statement of cash flows of Red, Inc., using the direct method to report operating activities. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

In: Accounting

Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information...

Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below.

RED, INC. Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions)
	2018			2017
Assets
Cash	$	42		$	138
Accounts receivable		194			150
Prepaid insurance		14			8
Inventory		300			193
Buildings and equipment		436			368
Less: Accumulated depreciation		(137	)		(258	)
	$	849		$	599
Liabilities
Accounts payable	$	105		$	136
Accrued expenses payable		13			21
Notes payable		68			0
Bonds payable		144			0
Shareholders’ Equity
Common stock		418			418
Retained earnings		101			24
	$	849		$	599

RED, INC. Statement of Income For Year Ended December 31, 2018
($ in millions)
Revenues
Sales revenue			$	2,180
Expenses
Cost of goods sold	$	1,468
Depreciation expense		41
Operating expenses		526		2,035
Net income			$	145

Additional information from the accounting records:

During 2018, $248 million of equipment was purchased to replace $180 million of equipment (90% depreciated) sold at book value.

In order to maintain the usual policy of paying cash dividends of $68 million, it was necessary for Red to borrow $68 million from its bank.

Required:
Prepare the statement of cash flows of Red, Inc., using the direct method to report operating activities. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

In: Accounting

If you are to be acquired by another company, what will be the least preferred defense...

If you are to be acquired by another company, what will be the least preferred defense maneuver of your choice? Kindly explain the defense you will least likely use and elaborate further why such defense is your least among the choices.

In: Accounting

Explain in your own words why you need to turn the brightness of the lamp up...

Explain in your own words why you need to turn the brightness of the lamp up when you use an x100 objective compared to an x10 objective

Describe in your own words what depth of field is

In: Biology