{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T05:09:29-04:00", "answer_date": "2024-05-27 05:09:29", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1779503", "url": "\/study-help\/questions\/a-comparative-balance-sheet-and-an-income-statement-for-burgess-1779503", "question_creation_date_js": "2024-05-27T05:09:29-04:00", "question_creation_date": "May 27, 2024 05:09 AM", "meta_title": "[Solved] A comparative balance sheet and an income | SolutionInn", "meta_description": "Answer of - A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative B | SolutionInn", "meta_keywords": "comparative,balance,sheet,income,statement,burgess,company,below,dollars,millions,assets,current", "question_title_h1": " A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet (dollars in millions) Assets Current", "question_title": " A comparative balance sheet and an income statement for Burgess Company", "question_title_for_js_snippet": "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 $ 4,600 Cost of goods sold 3,140 Gross margin Selling and administrative expenses Net operating income Nonoperating items Gain on sale of equipment 1,460 940 520 2 Income before taxes 522 172 $ 350 Ending Balance Beginning Balance $ 69 $ 141 940 858 800 730 1,809 1,729 1,805 1,754 950 741 855 1,013 $ 2,664 $ 2,742 $ 320 $ 190 210 140 137 102 667 432 565 900 1,232 1,332 295 295 1,137 1,115 1,432 1,410 $ 2,664 $ 2,742 Income taxes Net income Burgess also provided the following information 1 The company sold equipment that had an original cost of $72 million and accumulated depreciation of $37 million The cash proceeds from the sale were $37 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 ", "question_description": "\"image", "transcribed_text": "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 $ 4,600 Cost of goods sold 3,140 Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment 1,460 940 520 2 Income before taxes 522 172 $ 350 Ending Balance Beginning Balance $ 69 $ 141 940 858 800 730 1,809 1,729 1,805 1,754 950 741 855 1,013 $ 2,664 $ 2,742 $ 320 $ 190 210 140 137 102 667 432 565 900 1,232 1,332 295 295 1,137 1,115 1,432 1,410 $ 2,664 $ 2,742 Income taxes Net income Burgess also provided the following information: 1. The company sold equipment that had an original cost of $72 million and accumulated depreciation of $37 million. The cash proceeds from the sale were $37 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.", "related_book": { "title": "Principles of Accounting", "isbn": "1439037744, 978-1133626985, 978-1439037744", "edition": "11th Edition", "authors": "Needles, Powers, crosson", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/95.jpg", "uri": "\/textbooks\/principles-of-accounting-11th-edition-95", "see_more_uri": "" }, "free_related_book": { "isbn": "1736448757", "uri": "\/textbooks\/running-from-the-law-978-1736448755-151535", "name": "Running From The Law", "edition": "" }, "question_posted": "2024-05-27 05:09:29", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/the-bank-portion-of-the-bank-reconciliation-for-katsaris-company", "description": "The bank portion of the bank reconciliation for Katsaris Company at August 31, 2014, was as follows: The adjusted cash balance per bank agreed with the cash balance per books at August 31. 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