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Depreciation and amortization 604.5 491.2 412.6 Provision for impairments and asset disposals

17 / 01 / 2019 Research Papers

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STARBUCKS Exhibit 3.36 presents a statement of cash flows for Starbucks for 2006, 2007, and 2008…. 1 answer below » STARBUCKS Exhibit 3.36 presents a statement of cash flows for Starbucks for 2006, 2007, and 2008. This statement is an expanded version of the statement of cash flows for Starbucks shown in Exhibit 1.28. Required a. Explain why equity in income of investees appears as a subtraction when net income is converted to cash flow from operations. b. Compute the amount of cash received from investees as dividends each year. To answer this question, you need to refer to the income statement of Starbucks in Exhibit 1.27 in Chapter 1 (Integrative Case 1.1). View complete question » STARBUCKS Exhibit 3.36 presents a statement of cash flows for Starbucks for 2006, 2007, and 2008. This statement is an expanded version of the statement of cash flows for Starbucks shown in Exhibit 1.28. Required a. Explain why equity in income of investees appears as a subtraction when net income is converted to cash flow from operations. b. Compute the amount of cash received from investees as dividends each year. To answer this question, you need to refer to the income statement of Starbucks in Exhibit 1.27 in Chapter 1 (Integrative Case 1.1). c. Explain why stock-based compensation appears as an addition to net income to compute cash flow from operations. d. Discuss the relation between net income and cash flow from operations for each of the three years. e. Discuss the relation between cash flows from operating, investing, and financing activities for each of the three years. f. Refer to the income statement for Starbucks in Exhibit 1.27 in Chapter 1 (Integrative Case 1.1). Compute the amount of EBITDA for 2006, 2007, and 2008. g. Discuss the relationships among net income, non-working capital adjustments, working capital adjustments, operating cash flows, and EBITDA for the three years. Are the patterns similar or different? What are the primary determinants of the dif- ferences between the summary measures net income, operating cash flows, and EBITDA? Starbucks Corporation Comparative Statements of Cash Flows (amounts  in millions) (Case 3.1) Sept. 28, Sept. 30, Oct. 1, Fiscal Year Ended: 2008 2007 2006 OPERATING ACTIVITIES Net earnings                                                                        $      315.5      $     672.6      $  564.3 Adjustments to reconcile net earnings to net cash provided by operating activities: Cumulative effect of accounting change for FIN 47, net of taxes — — 17.2 Depreciation and amortization 604.5 491.2 412.6 Provision for impairments and asset disposals 325.0 26.0 19.6 Deferred income taxes, net (117.1) (37.3) (84.3) Equity in income of investees (61.3) (65.7) (60.6) Distributions of income from equity investees 52.6 65.9 49.2 Stock-based compensation 75.0 103.9 105.7 Tax benefit from exercise of stock options 3.8 7.7 1.3 Excess tax benefit from exercise of stock options (14.7) (93.1) (117.4) Other Cash provided (used) by changes in operating assets and liabilities: Inventories (0.1) (0.6) 0.7 (48.6) 2.0 (85.5) Accounts payable (63.9) 36.1 105.0 Accrued taxes 7.3 86.4 132.7 Deferred revenue 72.4 63.2 56.6 Other operating assets and liabilities 60.3 22.2 13.2 Net Cash Provided by Operating Activities $  1,258.7 $  1,331.2 $1,131.6 INVESTING   ACTIVITIES Purchase of available-for-sale securities $        (71.8) $      (237.4) $ (639.2) Maturity of available-for-sale securities 20.0 178.2 269.1 Sale of available-for-sale securities 75.9 47.5 431.2 Acquisitions, net of cash acquired Net purchases of equity, other investments, and other assets (74.2) (52.0) (53.3) (56.6) (91.7) (39.2) Net additions to property, plant, and equipment (984.5) (1,080.3) (771.2) Net Cash Used by Investing Activities $ (1,086.6) $ (1,201.9) $ (841.0) FINANCING  ACTIVITIES Repayments of commercial paper $(66,068.0) $(16,600.9) — Proceeds from issuance of commercial paper 65…


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