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Burns Company's net income last year was $91,000. Changes in the company's balance sheet accounts for the year appear below:
Increases
(Decreases)
Debit balances:
Cash
$19,000
Accounts receivable
$13,000
Inventory
$(16,000)
Prepaid expenses
$4,000
Long-term investments
$10,000
Plant and equipment
$70,000
Credit balances:
Accumulated depreciation
$31,000
Accounts payable
$(18,000)
Accrued liabilities
$16,000
Taxes payable
$(4,000)
Bonds payable
$(60,000)
Deferred taxes
$8,000
Common stock
$40,000
Retained earnings
$87,000
The company declared and paidcash dividends of $4,000 last year.
Required:
a. Construct in good form the operating activities section ofthe company's statement of cash flows for the year. (Use the indirect method.)
b. Construct in good form the investing activities section of the company's statement of cash flows for the year.
c. Construct in good form the financing activities section of the company's statement of cash flows for the year.
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