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A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet (dollars in millions) Ending Balance Beginning

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A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet (dollars in millions) Ending Balance Beginning Balance $ 69 940 800 1,809 1,805 950 855 $2,664 $ 141 858 730 1,729 1,754 742 1.013 $2.742 Assets Current assets Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Les 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' equityt Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 320 210 137 667 565 1,232 $ 190 140 102 432 900 1.232 295 1.137 1,432 $2,664 295 1,115 1,410 $ 2, 742 turgess Company Income statement (dollar in millions) Salad Cost of goods sold Gros margin Selling and administrative expenses Het operating income Nonoperating itens Gain on sale of equipment Incone before taxes Income taxe Set incon $4,600 3,140 1,460 940 520 2 522 122 350 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 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. 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: Net Income $ 350 350 Investing activities: Proceeds from sale of equipment 0 Financing activities 0 350 Beginning cash and cash equivalents Ending cash and cash equivalent 5 350

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