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A comparative balance sheet and an income statement for Burgess Company are given below. temparative Gnee Sheet ahd an income St ent for Bur Comparative
A comparative balance sheet and an income statement for Burgess Company are given below.
temparative "Gnee Sheet ahd an income St ent for Bur Comparative .Ba Snee Sheet (dollars/ lions) gikurrent Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, end equipment Less acctmu1atedZepreciation Net property , plant, and equipment Total assets Liabilities and Stockholders Equity Current liabilities: Accounts payable Accrued liabilities Income taxes vayable total current Bends payable Total liabilitieS Stockholders equity: Common stock Retained earnings equiQ} land , equity .Totel liabi Ompany are given belbw: Beginning_ Ending $ 67 920 1, 777 1,785 2,624 S 316 133 657 555 212 1,127 1,412 $ 137 722 '1, 699 1, 736 735 - 1, aal 2,700 S 188 142 1,310 285 aes 1,390 Sales CQ*t Dof Gross .nargLi. 'j selling Net operath Gain on J bef Incone Rexes/' Net income 540 1 44 935 504 506 $ 338 Statement Sales Cost of goods sold Gross margin i; Selling and administrative expenses Net operating income tenoperating items: - Gain on sale of equipment before taxes Income taxes Bet income Burgess also provided the following information: 4 , 548 ' 3,1 "506, 336 1. The company sold equipment that had an original cost of $68 millionknd accumulated depreciation of $35 million_ The cash proceeds from the sale were $35 million. The gain on the sale was S? rpillion. 2 The company did not issue any new bonds during the year. 3. The company paid a cash dividend during the year_i.l 4_ The company didnot complete y common stock transactions duri g Required: using the indirect 'ethod, prepare a taternent of cshif for the yea deduction in tash outflp" negative am upts.) h year. (Fnter your answers in millions not in dollars. List any gess Operating activitiesl any
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