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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 $ 50
Autry Corporation's balance sheet and income statement appear below:
Comparative Balance Sheet | ||
Ending Balance | Beginning Balance | |
---|---|---|
Assets: | ||
Current assets: | ||
Cash and cash equivalents | $ 50 | $ 51 |
Accounts receivable | 83 | 82 |
Inventory | 62 | 60 |
Total current assets | 195 | 193 |
Property, plant, and equipment | 692 | 555 |
Less accumulated depreciation | 259 | 292 |
Net property, plant, and equipment | 433 | 263 |
Total assets | $ 628 | $ 456 |
Liabilities and stockholders' equity: | ||
Current liabilities: | ||
Accounts payable | $ 57 | $ 61 |
Accrued liabilities | 34 | 33 |
Income taxes payable | 62 | 66 |
Total current liabilities | 153 | 160 |
Bonds payable | 101 | 95 |
Total liabilities | 254 | 255 |
Stockholders equity: | ||
Common stock | 76 | 75 |
Retained earnings | 298 | 126 |
Total stockholders equity | 374 | 201 |
Total liabilities and stockholders' equity | $ 628 | $ 456 |
Income Statement | |
Sales | $ 910 |
---|---|
Cost of goods sold | 531 |
Gross margin | 379 |
Selling and administrative expense | 122 |
Net operating income | 257 |
Gain on sale of plant and equipment | 33 |
Income before taxes | 290 |
Income taxes | 87 |
Net income | $ 203 |
Cash dividends were $31. The company sold equipment for $59 that was originally purchased for $31 and that had accumulated depreciation of $5. The net cash provided by (used in) investing activities for the year was:
Multiple Choice:
-
$59
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$(168)
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$(109)
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$109
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