Problem 15-12 (Algo) Prepare a Statement of Cash Flows [LO15-1, LO15-2] A comparative balance sheet and...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648d547a1dc5_2236648d547381c2.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648d5484e769_2236648d547d701e.jpg)
Transcribed Image Text:
Problem 15-12 (Algo) Prepare a Statement of Cash Flows [LO15-1, LO15-2] A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet (dollars in millions) Assets Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Burgess Company Income Statement (dollars in millions) Sales $ 3,880 Cost of goods sold 2,660 Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income Burgess also provided the following information: 1,220 892 328 2 330 124 $ 206 Ending Balance Beginning Balance $ 45 $ 93 700 642 680 634 1,425 1,369 1,565 1,538 806 669 759 869 $ 2,184 $ 2,238 $ 272 186 $ 166 164 89 78 547 408 445 660 992 1,068 175 175 1,017 1,192 $ 2,184 995 1,170 $ 2,238 Burgess also provided the following information: 1. The company sold equipment that had an original cost of $24 million and accumulated depreciation of $13 million. The cash proceeds from the sale were $13 million. The gain on the sale was $2 million. 2. The company did not issue any new bonds during the year. 3. The company paid a cash dividend during the year. 4. The company did not complete any common stock transactions during the year. Required: Using the indirect method, prepare a statement of cash flows for the year. (Enter your answers in millions not in dollars. List any deduction in cash and cash outflows as negative amounts.) Burgess Company Statement of Cash Flows Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents Problem 15-12 (Algo) Prepare a Statement of Cash Flows [LO15-1, LO15-2] A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet (dollars in millions) Assets Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Burgess Company Income Statement (dollars in millions) Sales $ 3,880 Cost of goods sold 2,660 Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income Burgess also provided the following information: 1,220 892 328 2 330 124 $ 206 Ending Balance Beginning Balance $ 45 $ 93 700 642 680 634 1,425 1,369 1,565 1,538 806 669 759 869 $ 2,184 $ 2,238 $ 272 186 $ 166 164 89 78 547 408 445 660 992 1,068 175 175 1,017 1,192 $ 2,184 995 1,170 $ 2,238 Burgess also provided the following information: 1. The company sold equipment that had an original cost of $24 million and accumulated depreciation of $13 million. The cash proceeds from the sale were $13 million. The gain on the sale was $2 million. 2. The company did not issue any new bonds during the year. 3. The company paid a cash dividend during the year. 4. The company did not complete any common stock transactions during the year. Required: Using the indirect method, prepare a statement of cash flows for the year. (Enter your answers in millions not in dollars. List any deduction in cash and cash outflows as negative amounts.) Burgess Company Statement of Cash Flows Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
For each polynomial function, find (a) (-1), (b) (2), and (c) (0). f(x) = x + 5x
-
In a recent quarter, Alliance Atlantis Communications Inc. reported cash provided by operating activities of $45,000,000 and revenues of $265,800,000. Cash spent on plant asset additions during the...
-
How can an independent retailer overcome the problem of little computerization?
-
Murphy Corporation has 50,000 shares of \(\$ 10\) par value common stock outstanding. The company has \(\$ 450,000\) of retained earnings. At year-end, the company declares a cash dividend of \(\$...
-
Payne Company owns all the outstanding common stock of Sierra Company and 80% of the outstanding common stock of Santa Fe Company. The amount of intercompany profit included in the inventories of...
-
DEfinicion de los terminos DSM Validez de pruebas psicolgicas Fiabilidad de pruebas psicolgicas Entrevista clinica Pruebas psicolgicas estandarizadas. Pruebas de inteligencia (IQ). Pruebas...
-
ept of linked list ALGORITHM: Write a C++ program to implement singly linked list data structures 1. Define a Node Structure: 2. Declare a structure named node with two members - an integer data and...
-
Prepare the flexible budget like exhibit 12.4 for the activity of moving materials, but you will use the number of moves as the activity driver. Use60,000moves and 80,000moves 2.What if the actual...
-
Gigs electronics manufactures a subassembly for its main product. The costs per unit are as follows: Direct materials $44.00 Direct labour 30.00 Variable overhead 27.00 Fixed overhead 34.00 Total...
-
In 2023, Ivanhoe Corp. acquired 8500 of its own no par value common shares at $19 per share, to be held in the treasury. In 2024, Ivanhoe sold 6400 of these shares at $24 per share. What accounts and...
-
A Norman window has the shape of a rectangle surmounted by a semicircle. Find the dimensions of a Norman window of perimeter 3 6 ft that will admit the greatest possible amount of light. ( Round your...
-
You are on shift at Wings, a residential youth service for homeless youth. Imogen (14) entered into your service for support several weeks ago, this is her story. Imogen was initially placed straight...
-
On March 1, Shoshanah agreed to manufacture and sell a widget toMarshall for a total price of $50 000. He paid $20 000 immediately and promised to pay the remainder on June 15. The contract required...
-
What can you do to reduce hunger where you live? To reduce hunger globally?
-
Which of the following information system functions focuses on the identification of problems and projects for computer processing? (a) user support (b) programming (c) operations (d) systems analysis
-
Which of the following is a general term that is used to describe the use of electronic technology for business documents? (a) telecommuting (b) information system (c) office automation (d)...
-
( __________________ ) is the direct computer-to-computer exchange of business documents via a communications network. (a) electronic data interchange (b) electronic funds transfer (c) telecommuting...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App