00 8 Burgess Company Comparative Balance Sheet (dollars in millions) 2.88 points Ending Balance Beginning Balance eBook $ 45 700 680 1.425 1,565 886 759 $ 2,154 5 93 542 634 1,369 1,535 669 369 $ 2,238 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' oquity 5 $ 272 186 89 542 445 992 166 164 70 488 be 1.068 175 1,037 1,192 175 995 1,170 Check my work 8 burgess company Income Statement (dollars in lions) Sales cost of good old Gross waren Selling and administrative expen Het operating income Nonoperating ito Gain on sale of equipo Incon before taxes Income taxes Net Income $3,000 2.66 1,220 092 288 points 130 124 200 Burgess also provided the following information 1 The company sold equipment that had an original cost of $24 million and accumulated depreciation or 513 milion. 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: mantrachten the International team Required: Using the indirect method, prepare a statement of cash flows for the year. (Ente deduction in cash and cash outflows as negative amounts.) Burgess Company Statement of Cash Flows $ 206 $ 150 Operating activities: Net income Adjustments to convert net income to a cash basis: Depreciation Gain on sale of equipment Increase in inventory Increase in income taxes payable Increase in accounts receivable Increase in accounts payable Increase in accrued liabilities (2) (46) 11 (58) 106 22 183 389 Net cash provided by operating activities Investing activities: Proceeds from sale of equipment 13