- A Comparative Balance Sheet And An Income Statement For Burgess Company Are Given Below Burgess Company Comparative Bal 1 (128.51 KiB) Viewed 10 times
A comparative balance sheet and an income
statement for Burgess
Company are given below: Burgess
Company Comparative Balance Sheet (dollars in millions) 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 Burgess
Company Income
Statement (dollars in millions) Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income. Nonoperating items: Gain on sale of equipment Income before taxes. Income taxes Net income Burgess also provided the following information: $ 4,180 2,860 1,320 912 408 2 410 144 $ 266 Ending Balance $ 55 800 730 1,585 1,665 866 799 $ 2,384 $ 292 196 109 597 495 1,092 225 1,067 1,292 $ 2,384 Beginning Balance $ 113 732 674 1,519 1,628 699 929 $ 2,448 $ 176 154 88 418 760 1,178 225 1,045 1,270 $ 2,448 1. The
company sold equipment that had an original cost of $44 million and accumulated depreciation of $23 million. The cash proceeds from the sale were $23 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. 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.)
Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents Burgess
Company Statement of Cash Flows GA 0 0 0 0 0 0