Problem 15-12 (Static) 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) 37:21 Ending Balance Beginning Balance ok nces Assets Current assetist 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 Rondeln 49 645 660 1,354 1.515 765 750 $2,104 79 580 615 1,274 1,466 641 825 $2,099 S S 250 190 76 516 45 155 165 70 390 Prey 1 of 1 Next Comparative Balance Sheet (dollars in millions) Ending Beginning Balance Balance 7:02 49 645 660 1,354 1,515 765 750 $2,104 79 5BO 615 1274 1,466 641 825 $2,099 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 scos ********* 250 190 76 516 450 966 $ 155 165 70 390 620 1.010 161 977 1,138 $2,104 161 928 1,089 $2,099 in million Sales Cost of goods sold Cross margin Selling and administrative expenses Net operating income Nonoperating items! Gain on sale of equipment Income before taxes Income taxes Set income $3,600 2.550 1,050 875 175 23 3 278 63 115 $ Burgess also provided the following information: 1. The company sold equipment that had an original cost of $13 million and accumulated depreciation of $8 million. The cash proceeds from the sale were $8 million. The gain on the sale was $3 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. Required: 1. Using the indirect method, prepare a statement of cash flows for the year. (Enter your answers in millions not in dollars. List any deduction in cash and cash outflows as negative amounts.) Burgess Company Statement of Cash Flows Operating activities: S 04:36:07 eBook Print eferences Investing activities: 1 Investing activities: 10 points 04:35:52 Financing activities: Book Print References Beginning cash and cash equivalents Ending cash and cash equivalents