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Autry Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 37
Autry Corporation's balance sheet and income statement appear below:
Comparative Balance Sheet | ||||||
Ending Balance | Beginning Balance | |||||
Assets: | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 37 | $ | 38 | ||
Accounts receivable | 70 | 69 | ||||
Inventory | 49 | 47 | ||||
Total current assets | 156 | 154 | ||||
Property, plant, and equipment | 562 | 490 | ||||
Less accumulated depreciation | 233 | 266 | ||||
Net property, plant, and equipment | 329 | 224 | ||||
Total assets | $ | 485 | $ | 378 | ||
Liabilities and stockholders' equity: | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 44 | $ | 48 | ||
Accrued liabilities | 21 | 20 | ||||
Income taxes payable | 49 | 53 | ||||
Total current liabilities | 114 | 121 | ||||
Bonds payable | 86 | 80 | ||||
Total liabilities | 200 | 201 | ||||
Stockholders equity: | ||||||
Common stock | 61 | 60 | ||||
Retained earnings | 224 | 117 | ||||
Total stockholders equity | 285 | 177 | ||||
Total liabilities and stockholders' equity | $ | 485 | $ | 378 | ||
Income Statement | ||
Sales | $ | 780 |
Cost of goods sold | 466 | |
Gross margin | 314 | |
Selling and administrative expense | 161 | |
Net operating income | 153 | |
Gain on sale of plant and equipment | 25 | |
Income before taxes | 178 | |
Income taxes | 53 | |
Net income | $ | 125 |
Cash dividends were $18. The company sold equipment for $33 that was originally purchased for $18 and that had accumulated depreciation of $10. The net cash provided by (used in) investing activities for the year was:
Multiple Choice
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$(90)
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$33
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$(57)
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$57
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