Problem 15-12 (Static) 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 Sales Cost of goods sold Burgess Company Income Statement (dollars in millions) $ 3,600 2,550 Ending Balance $49 645 660 1,354 1,515 765 750 $ 2,104 $ 250 190 76 516 450 966 161 977 1, 138 $ 2,104 Beginning Balance $79 580 615 1,274 1,466 641 825 $ 2,099 $ 155 165 70 390 620 1,010 161 928 1,089 $ 2,099

Problem 15-12 (Static) 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 also provided the following information: 1. The company soid equipment that had an original cost of $13 million and accumulated depreciation of $8 million. The cash proceeds from the sale were $8 million. The gain on the sale was $3 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: 1. 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.) Required: 1. Using the indirect method, prepare a statement of cash fiows for the year. (Enter your answers in millions not in dollars. List any deduction in cash and cash outflows as negative amounts.)