I've been stuck in this question, thank you for helping! Burdic Company's net income last year was $70,000. Changes in the company's balance sheetaccounts for the year appear below:Inereases(Deereases)Debit balances:Cash ...Accounts receivableInventoryPrepaid expenses..Long-term investmentsPlant and equipment$(16,000)$13,000$18,000$(5,000)$20,000$40,000Credit balances:Accumulated depreeiation$36,000Accounts payable...Accrued liabilitiesTaxes payable..Bonds payable.Deferred taxes$14,000$(13,000)$27,000$(70,000)$7,000Common stock$30,000Retained earnings.$39,000The company declared and paid cash dividends of $31,000 last year.Required: a. Construct the operating activities section of the company's statement of cashflows for the year. (Use the indirect method.)b. Construct the investing activities section of the company's statement of cash flows for theyear.c. Construct the financing activities section of the company's statement of cash flows for theyear.

The cash flow statement is a financial statement that is prepared to analyze the cash activities…

Burdic Company's net income last year was $70,000. Changes in the company's balance sheet accounts for the year appear below: Inereases (Decreases) Debit balances: Cash ,................ Accounts receivable. Inventory ..... Prepaid expenses...... Long-term investments Plant and equipment $(16,000) $13,000 $18,000 $(5,000) $20,000 $40,000 Credit balances: Accumulated depreciation. Accounts payable. Acerued liabilities Taxes payable.... Bonds payable Deferred taxes $36,000 $14,000 $(13,000) $27,000 $(70,000) $7,000 Common stock Retained earnings. ...... $30,000 $39,000 The company declared and paid cash dividends of $31,000 last year. Required: a. Construct the operating activities section of the company's statement of cash flows for the year. (Use the indirect method.) b. Construct the investing activities section of the company's statement of cash flows for the year. c. Construct the financing activities section of the company's statement of cash flows for the year.

Burdic Company's net income last year was $70,000. Changes in the company's balance sheet accounts for the year appear below: Inereases (Decreases) Debit balances: Cash ,................ Accounts receivable. Inventory ..... Prepaid expenses...... Long-term investments Plant and equipment $(16,000) $13,000 $18,000 $(5,000) $20,000 $40,000 Credit balances: Accumulated depreciation. Accounts payable. Acerued liabilities Taxes payable.... Bonds payable Deferred taxes $36,000 $14,000 $(13,000) $27,000 $(70,000) $7,000 Common stock Retained earnings. ...... $30,000 $39,000 The company declared and paid cash dividends of $31,000 last year. Required: a. Construct the operating activities section of the company's statement of cash flows for the year. (Use the indirect method.) b. Construct the investing activities section of the company's statement of cash flows for the year. c. Construct the financing activities section of the company's statement of cash flows for the year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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