solution
Cash Flow and Free Cash Flow Analysis
The statement of cash flows for Landsﾃ｢竄ｬ邃｢ End is reproduced here:
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a. Landsﾃ｢竄ｬ邃｢ End recently implemented a strategy of filling nearly all orders when the order is placed. In what year do you believe the company implemented this strategy and how is the strategy reflected in the information contained in the statement of cash flows?
b. Explain how the following items reconcile net income to net cash flows from operating activities:
(1) Depreciation ﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつ (2) Receivables ﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつﾃつ (3) Inventory ﾃつﾃつﾃつ (4) Reserve for returns
c. Calculate free cash flows for each year shown.
d. How does Landsﾃ｢竄ｬ邃｢ End use its free cash flow? Do you think its use of free cash flows reflects good financial strategy?
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