Question: This question was answered incorrectly multiple times, only have a few questions left on my chegg.. PLS read the question Show all equations, work, and

This question was answered incorrectly multiple times, only have a few questions left on my chegg.. PLS read the question

Show all equations, work, and formulas

Burns Corporation's net income last year was $98,300. Changes in the company's balance sheet accounts for the year appear below:

Increases (Decreases)
Asset and Contra-Asset Accounts:
Cash and cash equivalents $ 25,000
Accounts receivable $ 14,200
Inventory $ (17,100)
Prepaid expenses $ 4,100
Long-term investments $ 11,000
Property, plant, and equipment $ 72,100
Accumulated depreciation $ 33,800
Liability and Equity Accounts:
Accounts payable $ (19,600)
Accrued liabilities $ 17,300
Income taxes payable $ 4,200
Bonds payable $ (62,400)
Common stock $ 42,000
Retained earnings $ 94,000

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 $4,300.

Required: include all parts (a, b and c)

a. Prepare the operating activities section of the company's statement of cash flows for the year. (Use the indirect method.)

b. Prepare the investing activities section of the company's statement of cash flows for the year.

c. Prepare the financing activities section of the company's statement of cash flows for the year.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!