Burns Corporation's net income last year was $97,400. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra-Asset Accounts: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation Liability and Equity Accounts: Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings $ 18,800 $ 13,800 $ (17,600) $4,400 $ 10,900 $75,600 $ 32,900 $ (18,700) $ 17,100 $ 4,200 $ (64,200) $ 41,600 $ 93,000 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 $4,400. Required: a. Prepare the operating activities section of the company's statement of cash flows for the year. (Use the indirect method.) (Amounts t be deducted and cash outflows should be indicated with a minus sign.) 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.) 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.)
Burns Corporation's net income last year was $97,400. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra-Asset Accounts: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation Liability and Equity Accounts: Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings $ 18,800 $ 13,800 $ (17,600) $4,400 $ 10,900 $75,600 $ 32,900 $ (18,700) $ 17,100 $ 4,200 $ (64,200) $ 41,600 $ 93,000 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 $4,400. Required: a. Prepare the operating activities section of the company's statement of cash flows for the year. (Use the indirect method.) (Amounts t be deducted and cash outflows should be indicated with a minus sign.) 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.) 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku
Transcribed Image Text:Burns Corporation's net income last year was $97,400. Changes in the company's balance sheet accounts for the year appear below:
Increases (Decreases)
Asset and Contra-Asset Accounts:
Cash and cash equivalents
Accounts receivable
Inventory
Prepaid expenses
Long-term investments
Property, plant, and equipment
Accumulated depreciation
Liability and Equity Accounts:
Accounts payable
Accrued liabilities
Income taxes payable
Bonds payable
Common stock
Retained earnings
$ 18,800
$ 13,800
$ (17,600)
$ 4,400
$ 10,900
$ 75,600
$ 32,900
$ (18,700)
$ 17,100
$4,200
$ (64,200)
$ 41,600
$ 93,000
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 $4,400.
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.)
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.)
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.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education