Question: Burrow Mining Inc s comparative balance sheet information at December 31

Burrow Mining Inc.’s comparative balance sheet information at December 31, 2014 and 2013, and its income statement for the year ended December 31, 2014, are as follows:


During 2014, the following transactions occurred:
1. Issued $14,000 of bonds payable at face value.
2. Sold the long-term investment on January 1, 2014, for $16,800.
3. Sold equipment for $3,920 cash that had originally cost $17,920 and had $11,760 of accumulated depreciation.
4. Purchased equipment for $11,200 cash.

Required
a. How much was paid in dividends during 2014?
b. Prepare a statement of cash flows for Burrow Mining Inc. for the year ended December 31, 2014, using the indirect method.
Analysis Component: Accounts Receivable increased from $21,840 to $51,520 in 2014. What transactions cause this account to change? Accounts Payable decreased during 2014. What causes this account tochange?
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  • CreatedJanuary 08, 2015
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