please answer do not image format. Required information[The following information applies to the questions displayed below.]Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from theaccounting records of Red, Incorporated, are provided below:AssetsCashRED, INCORPORATEDComparative Balance SheetsDecember 31, 2024 and 2023 ($ in millions)2024Accounts receivablePrepaid insuranceInventoryBuildings and equipmentLess: Accumulated depreciationLiabilitiesAccounts payableAccrued liabilitiesNotes payableBonds payableShareholders' EquityCommon stockRetained earningsRevenuesSales revenueExpensesCost of goods soldDepreciation expenseOperating expensesNet income$ 54.0166.0$ 1,155.030.0420.05.0260.0370.0(109.0)$ 746.0$ 86.05.030.0200.0RED, INCORPORATEDStatement of IncomeFor Year Ended December 31, 2024($ in millions)400.025.0$ 746.0$ 1,650.01,605.0$ 45.0Additional information from the accounting records:2023$123.0130.02.0160.0330.0(231.0)$ 514.0$95.09.00.00.0400.010.0$514.0 Additional information from the accounting records:a. During 2024, $200.0 million of equipment was purchased to replace $160.0 million of equipment (95.0%depreciated) sold at book value.b. In order to maintain the usual policy of paying cash dividends of $30.0 million, it was necessary for Red to borrow$30.0 million from its bank.Required:Prepare the statement of cash flows (direct method) for Red, Incorporated. Use the T-account method to assist in your analysis.Note: Cash outflows should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e.,5,500,000 should be entered as 5.5).RED, INCORPORATEDStatement of Cash FlowsFor year ended December 31, 2024 ($ in millions)Cash flows from operating activities:Cash inflows:From customersCash outflows:Net cash flows from operating activitiesCash flows from investing activities:Net cash flows from investing activitiesCash flows from financing activities:45.0$45.00.0

In this question, we need to prepare statement of cashflows under direct method. Under direct…

Required information [The following information applies to the questions displayed below.] Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the accounting records of Red, Incorporated, are provided below: Assets Cash RED, INCORPORATED Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions) 2024 Accounts receivable Prepaid insurance Inventory Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Accrued liabilities Notes payable Bonds payable Shareholders' Equity Common stock Retained earnings Revenues Sales revenue Expenses Cost of goods sold Depreciation expense Operating expenses Net income $ 54.0 166.0 5.0 $ 1,155.0 30.0 420.0 260.0 370.0 (109.0) $746.0 $86.0 5.0 30.0 200.0 RED, INCORPORATED Statement of Income For Year Ended December 31, 2024 ($ in millions) 400.0 25.0 $746.0 $1,650.0 1,605.0 $45.0 2023 $123.0 130.0 2.0 160.0 330.0 (231.0) $514.0 $95.0 9.0 0.0 0.0 400.0 10.0 $514.0

Required information [The following information applies to the questions displayed below.] Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the accounting records of Red, Incorporated, are provided below: Assets Cash RED, INCORPORATED Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions) 2024 Accounts receivable Prepaid insurance Inventory Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Accrued liabilities Notes payable Bonds payable Shareholders' Equity Common stock Retained earnings Revenues Sales revenue Expenses Cost of goods sold Depreciation expense Operating expenses Net income $ 54.0 166.0 5.0 $ 1,155.0 30.0 420.0 260.0 370.0 (109.0) $746.0 $86.0 5.0 30.0 200.0 RED, INCORPORATED Statement of Income For Year Ended December 31, 2024 ($ in millions) 400.0 25.0 $746.0 $1,650.0 1,605.0 $45.0 2023 $123.0 130.0 2.0 160.0 330.0 (231.0) $514.0 $95.0 9.0 0.0 0.0 400.0 10.0 $514.0

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 14E

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