Problem 15-12 (Algo) Prepare a Statement of Cash Flows (LO15-1, LO15-2] A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet (dollars in millions) Ending Balance Beginning Balance $ 69 940 800 1,809 1,805 950 855 $2,664 141 858 730 1,729 1,754 741 1,013 $2,742 Assets Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 190 140 102 $ 320 210 137 667 565 1,232 432 900 1,332 295 1,137 1,432 $2,664 295 1,115 1,410 $2,742 Burgess Company Income Statement (dollars in millions) Sales Cost nf oonds sold $4,600 3.140 Burgess Company Income Statement (dollars in millions) Sa Cosgoods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income $4,600 3, 140 1,460 940 520 2 522 172 $ 350 Burgess also provided the following information: 1. The company sold equipment that had an original cost of $72 million and accumulated depreciation of $37 million. The cash proceeds from the sale were $37 million. The gain on the sale was $2 million. 2. The company did not issue any new bonds during the year 3. The company paid a cash dividend during the year. 4. The company did not complete any common stock transactions during the year. Using the indirect memou, prepare a statement i Cash NOWS 1or the year. (Enter your answers in mmions not in collars. List any deduction in cash and cash outflows as negative amounts.) Burgess Company Statement of Cash Flows Operating activities: Investing activities: + Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents Prev 1 of 9 Next >