Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. burns corporation's net income last year was $96,5

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

70.2K

Verified Solution

Question

Accounting

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

Increases (Decreases)
Asset and Contra-Asset Accounts:
Cash and cash equivalents $ 25,100
Accounts receivable $ 13,500
Inventory $ (17,600)
Prepaid expenses $ 4,100
Long-term investments $ 10,600
Property, plant, and equipment $ 71,400
Accumulated depreciation $ 34,100
Liability and Equity Accounts:
Accounts payable $ (19,400)
Accrued liabilities $ 16,300
Income taxes payable $ 4,300
Bonds payable $ (62,400)
Common shares $ 42,000
Retained earnings $ 92,200

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A 78 year-old man gets up too quickly from his Lazyboy and nearly falls to the...

Medical Sciences
Q

I need new and unique answers, please. (Use your own words, don't copy and paste), Please Use...

Biology
Q

The specialization of jobs in our society today and brought out some consequences of this trend....

General Management
Q

An insulated box containing a diatomic gas of molar mass M is moving with a...

Physics
Q

It takes Jasmine of an hour to peel a pound of apples It takes Ralph...

Basic Math
Q

D Graph the linear function using the slope and the y intercept y 6x 3...

Algebra
Q

In one of the lectures, we mentioned the conflict between the United Steel Workers and...

Accounting
Q

El edificio de oficinas de Melba fue embargado y el titular de la hipoteca le...

Accounting
Q

Tax Return Problem 5 - Individual Tax (after Chapter 12) Instructions: Please complete the 2019...

Accounting
Q

Being Human, Inc., recently issued new securities to finance a new TV show. The project...

Finance
Q

Can you please solve this ? it's urgent Calculate the portfolio's standard deviation....

Finance
Q

. . Consider the following portfolio Long o puts with strike price 98.0 Short 1...

Finance