last year was $83,000. Changes in the companys balance sheet accounts Bums Corpo

Question

last year was $83,000. Changes in the companys balance sheet accounts Bums Corporation's net income for the year appear below Increases Asset and Contra-Asset Accounts: 30,500 21,000 $ (28,000) S 3,500 39,000 $ 69,000 45,000 Cash Accounts receivable Prepaid expenses Property. plant and equipment Liability and Equity Accounts: Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings $ (28,000) 5 18,000 $ 48.000 $ (59,000) $ 41,000 70.000 ny 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 and paid a cash dividend of $13,000 Required: a. Prepare the operating activities section of the company's statement of cash flows for the year (Use the ndirect method.) (Amounts to be deducted should be indicated with a minus sign.) Burns Corporation's Statement of Cash Flows Indirect Method (partial) 46

Explanation / Answer

1. Operating activities :

Investing activities :

Financing activities :

Net income 83000 Adjustment Depreciation 45000 Increase account receivable (21000) Decrase inventory 28000 Increase prepaid expenses (3500) Decrease account payable (28000) Increase accured liabilites 18000 Increase income tax payable 48000 Net cash flow from operating activities 169500

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