Oezto mheducation.com/hmtpx ezto.mheducation.com/hm.tpx 3.50 points A comparativ

Question

Oezto mheducation.com/hmtpx ezto.mheducation.com/hm.tpx 3.50 points A comparative balance sheet and an income statement for Burgess Company are given below Burgess Company Comparative Balance Sheet dollars in millions) Ending Beginning Balance Balance Assets Current assets: Cash and cash equivalents Accounts receivable inventory $ 40 $ 83 650 597 614 655 Total current assets 1,345 1,294 Property, plant, and equipment 1,515 1,493 654 Less accumulated depreciation Net property plant, and equipment Total assets 776 739 839 $ 2,084 $2,133 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable S 262 S 161 169 73 181 79 Total current liabilities Bonds payable 522 420 403 610 Total liabilities 942 1,013 Stockholders' equity Common stock Retained earnings 150150 970 992 Total stockholders' equity 1,1421,120 Total liabilities and stockholders' equity $ 2,084 $ 2.133

Explanation / Answer

Answer:

Burgess Company Statement of cash Flows-Indirect Method Operating Activities: Net income 176 Adjustment to conver net income to cash basis: Gain on sale of equipment -2 Increase in accounts receivable -53 Increase in inventory -41 Dep 122 Increase in accounts payable 101 Increase in accrued liabilities 12 Increase in income tax expense 6 145 Cash Flow Provided by operating activities 321 Investing Activities: Sale of equipment 8 Purchase of PPE -28 Net cash Flow provided by investing activities -20 Financing Activities: Dividend Paid -154 Redemption of bonds -190 Net cash used in financing activities -344 Net increase/ (Decrease) in cash -43 Beginning cash and cash equivalents 83 Ending cash and cash equivalents 40

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