A comparative balance sheet and an income statement for Burgess Company are given below:Burgess CompanyComparative Balance Sheet(dollars in millions)AssetsCurrent assets:Cash and cash equivalentsAccounts receivable.InventoryTotal current assetsProperty, plant, and equipmentLess accumulated depreciationNet property, plant, and equipment.Total assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableAccrued liabilities.Income taxes payableTotal current liabilitiesBonds payableTotal liabilities.Stockholders' equity:Common stockRetained earningsTotal stockholders' equityTotal liabilities and stockholders' equityBurgess CompanyIncome Statement(dollars in millions)SalesCost of goods soldGross marginSelling and administrative expensesNet operating income.Nonoperating items:Gain on sale of equipmentIncome before taxes.Income taxesNet incomeBurgess also provided the following information:$ 4,1802,8601,3209124082410144$ 266EndingBalance$ 558007301,5851,665866799$ 2,384$ 2921961095974951,0922251,0671,292$ 2,384BeginningBalance$ 1137326741,5191,628699929$ 2,448$ 176154884187601,1782251,0451,270$ 2,4481. The company sold equipment that had an original cost of $44 million and accumulated depreciation of $23 million. The cashproceeds 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 anydeduction in cash and cash outflows as negative amounts.) Operating activities:Investing activities:Financing activities:Beginning cash and cash equivalentsEnding cash and cash equivalentsBurgess CompanyStatement of Cash FlowsGA000000

Name: A comparative balance sheet and an income statement for Burgess Compa
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Description: A comparative balance sheet and an income statement for Burgess Company are given below:Burgess CompanyComparative Balance Sheet(dollars in millions)AssetsCurrent assets:Cash and cash equivalentsAccounts receivable.InventoryTotal current assetsPrope

The cash flow statement is one of the financial statements of the business which is prepared to…

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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 Ending Beginning Balance Balance $ 55 800 730 1,585 1,665 866 799 $ 2,384 $ 292 196 109 $ 113 732 674 1,519 1,628 699 929 $ 2,448 $ 176 154 88

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 Ending Beginning Balance Balance $ 55 800 730 1,585 1,665 866 799 $ 2,384 $ 292 196 109 $ 113 732 674 1,519 1,628 699 929 $ 2,448 $ 176 154 88

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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