Burns Corporation's net income last year was $99,200. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra-Asset Accounts: Cash and cash equivalents $ 25,400 Accounts receivable $ 13,900 Inventory $ ( 16,800) Prepaid expenses $ 4100 Long-term investments $ 10,300 Property, plant, and equipment $ 75,600 Accumulated depreciation $ 34,100 Liability and Equity Accounts: Accounts payable $ ( 18,700) Accrued liabilities $ 17,400 Income taxes payable $ 4200 Bonds payable $ ( 63,000) Common stock $ 43,600 Retained earnings $ 94,900 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 $4300. Required: No decimals are needed Complete the following Operating Activities schedule by identifying answers to the 9 items in bold below. Some items require numeric answers and some items require word answers : Item 1 $ Item 2 Adjustments Depreciation Expense $ Item 3 Change in Item 4 $(13,900) Change in Inventory $ Item 5 Change in Prepaid Expenses $(4,100) Change in Item 6 $ Item 7 Change in Accrued Liabilities $ Item 8 Change in Income Taxes Payable $4,200 Net Cash Provided by Operating Activities $ Item 9
Question 6 options:
Burns Corporation's net income last year was $99,200. Changes in the company's
|
|
Increases (Decreases) |
||
|
Asset and Contra-Asset Accounts: |
|
|
|
|
Cash and cash equivalents |
$ |
25,400 |
|
|
|
$ |
13,900 |
|
|
Inventory |
$ |
( 16,800) |
|
|
Prepaid expenses |
$ |
4100 |
|
|
Long-term investments |
$ |
10,300 |
|
|
Property, plant, and equipment |
$ |
75,600 |
|
|
|
$ |
34,100 |
|
|
Liability and Equity Accounts: |
|
|
|
|
Accounts payable |
$ |
( 18,700) |
|
|
Accrued liabilities |
$ |
17,400 |
|
|
Income taxes payable |
$ |
4200 |
|
|
Bonds payable |
$ |
( 63,000) |
|
|
Common stock |
$ |
43,600 |
|
|
|
$ |
94,900 |
|
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 $4300.
Required:
No decimals are needed
Complete the following Operating Activities schedule by identifying answers to the 9 items in bold below.
Some items require numeric answers and some items require word answers :
|
Item 1 |
$ Item 2 |
|
Adjustments |
|
|
Depreciation Expense |
$ Item 3 |
|
Change in Item 4 |
$(13,900) |
|
Change in Inventory |
$ Item 5 |
|
Change in Prepaid Expenses |
$(4,100) |
|
Change in Item 6 |
$ Item 7 |
|
Change in Accrued Liabilities |
$ Item 8 |
|
Change in Income Taxes Payable |
$4,200 |
|
|
|
|
Net Cash Provided by Operating Activities |
$ Item 9 |
Item 1:
Item 2:
Item 3:
Item 4:
Item 5:
Item 6:
Item 7:
Item 8:
Item 9:
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