Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. burns corporation's net income last year was $94,6

Burns Corporation's net income last year was $94,600. Changes in the company's balance sheet accounts...

60.1K

Verified Solution

Question

Accounting

Burns Corporation's net income last year was $94,600. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra-Asset Accounts: Cash and cash equivalents $ 17,000 Accounts receivable $ 13,300 Inventory $ (16,600) Prepaid expenses $ 4,300 Long-term investments $ 10,300 Property, plant, and equipment $ 73,500 Accumulated depreciation $ 31,600 Liability and Equity Accounts: Accounts payable $ (18,400) Accrued liabilities $ 17,100 Income taxes payable $ 4,200 Bonds payable $ (64,200) Common shares $ 41,200 Retained earnings $ 90,300 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 shares 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.) b. Prepare the investing activities section of the company's statement of cash flows for the year. c. Prepare the financing activities section of the company's statement of cash flows for the year

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Imagine you are writing an argumentative essay on the importance of physical activity. By including...

Biology
Q

An alpha particle of mass m suffers 1 dimensional elastic collision with a nucleus at...

Physics
Q

2 3x 5 2x 6y 7y

Algebra
Q

Outdoor Luggage, Inc., makes high-end hard-sided luggage for sports equipment Data concerning three of the...

Accounting
Q

Process Costing Spoilage Appleton Company makes wooden toys in its Forming Department, and it uses...

Accounting
Q

Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted...

Accounting
Q

Hull Company reported the following income statement information for the current year: Sales \table[[$,427,000],[$,157,500,],[290,000,],[447,500,],[161,000,],[,286,500],[$,140,500?

Accounting
Q

Requirements 1. Journalize the transactions that occurred in May. No explanations are necessary. 2. Using...

Accounting
Q

Penny Worth Industrial has estimated that production for the next five quarters will be: ...

Accounting
Q

Which of the following items isnot a specific account in a company's chart of accounts?...

Accounting
Q

Use the following two tables to answer question 15. ...

Finance
Q

please HELP!!!! E8-1 (Algo) Recording Bad Debt...

Accounting