Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Burns Corporation's net income last year was $95,600. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra-Asset

image text in transcribedimage text in transcribed

Burns Corporation's net income last year was $95,600. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra-Asset Accounts Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation Liability and Equity Accounts Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained carnings S 20,500 $ 13,700 S ( 16,500) 4400 $ 10,400 S 74,200 $ 34,100 $ (19,600) $ 16,800 4300 S (61,800) 41,600 S 91,300 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 $4300 Required: Complete the followin ating Activities schedule: Adjustments Depreciation Expense Change in Change in Inventory S(13,700) S ( 16,500) $ 4400 $ 10,400 S 74,200 S 34,100 Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation Liability and Equity Accounts Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings 19,600) S 16,800 $4300 S (61,800) S 41,600 S 91,300 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 $4300 Required: Complete the followin rating Activities schedule: Adjustments Depreciation Expense Change in Change in Inventory Change in Prepaid Ex Change in Change in Accrued Liabilities Change in Income Taxes Payable S(13,700) S(4,400 $4,300 Net Cash Provided by Operating Activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statutory Audits In Europe

Authors: Michael Kend, Giulia Leoni, Cristina Florio, Silvia Gaia

1st Edition

1032201738, 978-1032201733

More Books

Students also viewed these Accounting questions

Question

Should imports to the United States be curtailed by, say,

Answered: 1 week ago