Question
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 | $ | 25,400 |
|
Accounts receivable | $ | 13,900 |
|
Inventory | $ | ( 16,800) |
|
Prepaid expenses | $ | 4100 |
|
Long-term investments | $ | 10,300 |
|
Property, plant, and equipment | $ | 75,600 |
|
Accumulated depreciation | $ | 34,100 |
|
Liability and Equity Accounts: |
|
|
|
Accounts payable | $ | ( 18,700) |
|
Accrued liabilities | $ | 17,400 |
|
Income taxes payable | $ | 4200 |
|
Bonds payable | $ | ( 63,000) |
|
Common stock | $ | 43,600 |
|
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:
No decimals are needed
Complete the following Operating Activities schedule by identifying answers to the 9 items in bold below.
Some items require numeric answers and some items require word answers :
Item 1 | $ Item 2 |
Adjustments |
|
Depreciation Expense | $ Item 3 |
Change in Item 4 | $(13,900) |
Change in Inventory | $ Item 5 |
Change in Prepaid Expenses | $(4,100) |
Change in Item 6 | $ Item 7 |
Change in Accrued Liabilities | $ Item 8 |
Change in Income Taxes Payable | $4,200 |
|
|
Net Cash Provided by Operating Activities | $ Item 9 |
Questions:
Item 1:
Item 2:
Item 3:
Item 4:
Item 5:
Item 6:
Item 7:
Item 8:
Item 9:
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