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Burns Corporation's net income last year was $96,500. Changes in the company's balance sheet accounts for...

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Question

Accounting

Burns Corporation's net income last year was $96,500. Changes inthe company's balance sheet accounts for the year appear below:

  

Increases
(Decreases)

Asset and Contra-Asset Accounts:

Cash and cash equivalents

$

18,600

Accounts receivable

$

13,300

Inventory

$

(16,300

)

Prepaid expenses

$

4,300

Long-term investments

$

10,300

Property, plant, and equipment

$

74,200

Accumulated depreciation

$

31,600

Liability and Equity Accounts:

Accounts payable

$

(19,400

)

Accrued liabilities

$

17,600

Income taxes payable

$

4,200

Bonds payable

$

(63,600

)

Common stock

$

41,600

Retained earnings

$

92,400

The company did not dispose of any property, plant, andequipment, sell any long-term investments, issue any bonds payable,or repurchase any of its own common stock during the year. Thecompany declared and paid a cash dividend of $4,100.

Required:

a. Prepare the operating activities section of the company'sstatement of cash flows for the year. (Use the indirectmethod.)

b. Prepare the investing activities section of the company'sstatement of cash flows for the year.

c. Prepare the financing activities section of the company'sstatement of cash flows for the year.

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