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Burns Corporation's net income last year was $84,000. Changes in the company's balance sheet accounts for the year appear below: Burns Corporation's net income last
Burns Corporation's net income last year was $84,000. Changes in the company's balance sheet accounts for the year appear below:
Burns Corporation's net income last year was $84,000. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra-Asset Accounts: 31,000 Cash 22,000 Accounts receivable $(29,000) Inventory 4,500 Prepaid expenses 40,000 Long-term investments 70,000 Property, plant and equipment 46,000 Accumulated depreciation Liability and Equity Accounts: $(29,000) Accounts payable 19,000 Accrued liabilities 49,000 Income taxes payable Bonds payable $(60,000) 43,000 Common stock 70,500 Retained earnings 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 $13,500Step by Step Solution
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