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Bonus: (3 points each question, if you do all questions correctly we will get 10 points in total)

The following information is provided for problems 13 to 15:

Portions of the financial statements for UTEP Inc. are provided below.

UTEP Inc. Income Statement For the Year Ended December 31, 2018 ($ in millions) Sales $3,960 Cost of goods sold 1,500 Gross margin 2,460 Salaries expense $660 Depreciation expense 540 Patent amortization expense 30 Interest expense 120 Loss on sale of land 18 $1,368 Income before taxes 1,092 Income tax expense 546 Net Income $546

UTEP Inc. Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) Year 2018 2017 Change Cash 612 600 12 Accounts receivable 1,320 1,392 (72) Inventory 2,640 2,700 (60) Accounts payable 840 804 36 Salaries payable 480 516 (36) Interest payable 150 120 30 Income taxes payable 90 60 30

13. How much cash (in millions) did UTEP Inc. collect from customers in 2018?

$4,032

$3,996

$3,960

$3,924

$3,888

14. How much cash (in millions) did UTEP Inc. pay for interest in 2018?

$84

$90

$120

$150

$156

15. How much cash (in millions) did UTEP Inc. pay to its suppliers in 2018?

$1404

$1476

$1524

$1536

$1596

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