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Assets: Current assets: Cash and cash equivalents $ 42 $ 43 Accounts receivable 75 74 Inventory 54 52 Total current assets 171 169 Property, plant,
Assets: | ||
---|---|---|
Current assets: | ||
Cash and cash equivalents | $ 42 | $ 43 |
Accounts receivable | 75 | 74 |
Inventory | 54 | 52 |
Total current assets | 171 | 169 |
Property, plant, and equipment | 612 | 515 |
Less accumulated depreciation | 243 | 276 |
Net property, plant, and equipment | 369 | 239 |
Total assets | $ 540 | $ 408 |
Liabilities and stockholders' equity: | ||
Current liabilities: | ||
Accounts payable | $ 49 | $ 53 |
Accrued liabilities | 26 | 25 |
Income taxes payable | 54 | 58 |
Total current liabilities | 129 | 136 |
Bonds payable | 61 | 55 |
Total liabilities | 190 | 191 |
Stockholders equity: | ||
Common stock | 36 | 35 |
Retained earnings | 314 | 182 |
Total stockholders equity | 350 | 217 |
Total liabilities and stockholders' equity | $ 540 |
Sales $ 830 Cost of goods sold 491 Gross margin 339 Selling and administrative expense 142 Net operating income 197 Gain on sale of plant and equipment 25 Income before taxes 222 Income taxes 67 Net income $ 155 Cash dividends were $23. The company sold equipment for $43 that was originally purchased for $23 and that had accumulated depreciation of $5. The net cash provided by (used in) investing activities for the year was: $(77) $43 $(120) $77
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