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Problem 2, Statement of Cash Flows (16) Burns Corporation's net income last year (2017) was $98,000 $60,000. Changes in the company's balance sheet accounts for
Problem 2, Statement of Cash Flows (16) Burns Corporation's net income last year (2017) was $98,000 $60,000. Changes in the company's balance sheet accounts for the year appear . Their depreciator below: expense was Increases Decreases Current Assets: Cash Accounts receivable Inventory Prepaid expenses $46,300 36,000 (43,000) 10,200 Non-current assets Long-term investments Property, plant and equipment 54,000 84,000 Liability Accounts: Accounts payable Accrued liabilities Income taxes payable (43,000) 33,000 63,000 Equity Accounts: 71,000 77,500 Common stock Retained earnings 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 $20,500. REQUIRED: Prepare the operating activities section of for the year. (Use the indirect method.) the company's statement of cash flows
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