FSA Corporate Finance（财务报告分析与公司财务）相关习题4 included, following, difference, 财务, face

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答案如下

Pacific, Inc.’s financial information for the year ended December 31, 2001 included the following (“change” refers to the difference since December 31, 2000) (in $ millions):

Net Income	27
Change in Accounts Receivable	+4
Change in Accounts Payable	+1
Change in Inventory	+5
Loss on sale of equipment	-8
Gain on sale of real estate	+4
Change in Retained Earnings	+21
Dividends declared and paid	+4

Pacific, Inc.’s cash flow from operations (CFO) for the year ended December 31, 2001 (in $ millions) was:

A)	$27.
B)	$21.
C)	$15.
D)	$23.

Answer D
Using the indirect method, cash flow from operations is net income less increase in accounts receivable, plus increase in accounts payable, less increase in inventory, plus loss on sale of equipment less gain on sale of real estate (27 – 4 + 1 – 5 + 8 – 4 =) $23 million.

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