单选题 Baetica Company reported the following selected financial statement data for the year ended December 31, 20×7 :

A、 in millions
B
C、 % of Sales
D、 For the year ended December 31, 20×7 :
E、 $ 500
F、 100%
G、 Sales
H
I、 $ 1200000
J、 Cost of goods sold
K、 (300)
L、 60%
M、 Selling and administration expenses
N、 (125)
O、 25%
P、 Depreciation
Q、 (50)
R、 10 %
S、 Net income
T、 $ 25
U、 5%
V、＜＞＞
W
X
Y、 As of December 31, 20×7 :
A@
AA
AB、 Non-cash operating working capital
AC、 $100
AD、 20%
AE、 Cash balance
AF、 $ 35
AG、 N/A

【正确答案】 B

【答案解析】20×8 sales are expected to be $ 600 million ( $ 500 million 2007 sales×1.2 ) and 20×8 net income is expected to be $ 30 million ( $ 600 million 20×8 sales×5% ). 2008 non-cash operating working capital is expected to be $120 million ( $ 600 million 20×8 sales×20% ). The change in cash is expected to be - $ 5 million ( $ 30 million 20×8 net income + $ 60 million 20×8 depreciation - $ 2.0 million increase in non-cash operating working capital - $ 75 million 20×8 capital expenditures). The 20 x 8 ending balance of cash is expected to be $ 30 million ( $ 35 million beginning cash balance- $ 5 million decrease in cash).