Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Burns Corporation's net income last year was $99,200. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra-Asset

Burns Corporation's net income last year was $99,200. Changes in the company's balance sheet accounts for the year appear below:

Increases

(Decreases)

Asset and Contra-Asset Accounts:

Cash and cash equivalents

$

21,900

Accounts receivable

$

13,500

Inventory

$

( 16,800)

Prepaid expenses

$

4100

Long-term investments

$

10,200

Property, plant, and equipment

$

77,000

Accumulated depreciation

$

33,200

Liability and Equity Accounts:

Accounts payable

$

( 19,600)

Accrued liabilities

$

16,800

Income taxes payable

$

4200

Bonds payable

$

( 61,200)

Common stock

$

41,600

Retained earnings

$

94,900

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 following Operating Activities schedule:

_____________________

$ ___________

Adjustments

Depreciation Expense

$ ____________

Change in ______________

$(13,500)

Change in Inventory

$ ___________

Change in Prepaid Expenses

$(4,100)

Change in ______________

$ ___________

Change in Accrued Liabilities

$ ___________

Change in Income Taxes Payable

$4,200

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

Mindful Brand Auditing The New Way To Explore Brand Value

Authors: Kurt Gassner

1st Edition

3987939176, 978-3987939174

More Books

Students also viewed these Accounting questions