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no need for math explanations Burns Corporation's net income last year was $92,800. Changes in the company's balance sheet accounts for the year appear below:
no need for math explanations
Burns Corporation's net income last year was $92,800. 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 earnings $ 19,000 $ 13,900 $ (17,000) $ 4,200 $ 10,500 $ 74,200 $ 33,500 $ (18,500) $ 16,300 $ 4,100 $ (62,400) $ 43,200 $ 88,600 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 $4,200. Required: a. Prepare the operating activities section of the company's statement of cash flows for the year. (Use the indirect method.) b. Prepare the investing activities section of the company's statement of cash flows for the year c. Prepare the financing activities section of the company's statement of cash flows for the year. Complete this question by entering your answers in the tabs below. Required A Required B Required c Prepare the operating activities section of the company's statement of cash flows for the year. (Use the indirect method.) (Amounts to be deducted and cash outflows should be indicated with a minus sign.) S 92,800 (19,000) Operating activities. Net income Adjustments Increase in accounts receivable Decrease in inventory Increase in prepaid expenses Decrease in accounts payable Increase in accrued liabilities Increase in income taxes payable (19,000) S 73,800 begun Required By Required A Required B Required c Prepare the investing activities section of the company's statement of cash flows for the year. (Amounts to be deducted and cash outflows should be indicated with a minus sign.) Investing activities $ 0 Required A Required B Required C Prepare the financing activities section of the company's statement of cash flows for the year. (Amounts to be deducted and cash outflows should be indicated with a minus sign.) Financing activities: $Step by Step Solution
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