Question

Burns Corporation's net income last year was $95,600. Changes in the company's balance sheet accounts for...

Burns Corporation's net income last year was $95,600. Changes in the company's balance sheet accounts for the year appear below:

Increases
(Decreases)
Asset and Contra-Asset Accounts:
Cash and cash equivalents $ 20,500
Accounts receivable $ 13,700
Inventory $ (16,500 )
Prepaid expenses $ 4,400
Long-term investments $ 10,400
Property, plant, and equipment $ 74,200
Accumulated depreciation $ 34,100
Liability and Equity Accounts:
Accounts payable $ (19,600 )
Accrued liabilities $ 16,800
Income taxes payable $ 4,300
Bonds payable $ (61,800 )
Common stock $ 41,600
Retained earnings $ 91,300

The company did not dispose of any property, plant, and equipment, sell any long-term investments, issue any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $4,300.

Required:

a. Prepare the operating activities section of the company's statement of cash flows for the year. (Use the indirect method.) (Amounts to be deducted and cash outflows should be indicated with a minus sign.)

Operating activities:
Adjustments:
0
$0

b. Prepare the investing activities section of the company's statement of cash flows for the year. (Amounts to be deducted and cash outflows should be indicated with a minus sign.)

Investing activities:
$0

c. Prepare the financing activities section of the company's statement of cash flows for the year. (Amounts to be deducted and cash outflows should be indicated with a minus sign.)

Financing activities:
$0
0 0
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Answer #1

ANS (a) prepare the operating activities Section of the companys statement of cash flows for the year Pollioules 95600 Net iBu prepare the investing activities Section of the companys statement of cash flow for the year- 10400 Particulars Amount ca

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