Refer to Campbell Soup Company”s statement of cash flows Required:
Convert Campbell”s statement of cash flows for Year 11 to show cash flows from operations
(CFO) using the direct method. For purposes of this problem only, assume the following:
a. Net change in other current assets and current liabilities of $30.6 consists of:
| Decrease in prepaid expenses | $(25.3) |
| Decrease in accounts payable | 42.8 |
| Increase in taxes payable | (21.3) |
| Increase in accruals and payrolls | (26.8) |
| $(30.6) |
b. Campbell disposed of a division in Year 11 reporting revenues of $7.5 million and an after-tax loss of $5.3 million. The loss is included in expenses. The CFO presentation should include revenues and expenses of the discontinued operations in Year 11.
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