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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 $ 51
Autry Corporation's balance sheet and income statement appear below:
Comparative Balance Sheet | ||
---|---|---|
Ending Balance | Beginning Balance | |
Assets: | ||
Current assets: | ||
Cash and cash equivalents | $ 51 | $ 52 |
Accounts receivable | 84 | 83 |
Inventory | 63 | 61 |
Total current assets | 198 | 196 |
Property, plant, and equipment | 702 | 560 |
Less accumulated depreciation | 261 | 294 |
Net property, plant, and equipment | 441 | 266 |
Total assets | $ 639 | $ 462 |
Liabilities and stockholders' equity: | ||
Current liabilities: | ||
Accounts payable | $ 58 | $ 62 |
Accrued liabilities | 35 | 34 |
Income taxes payable | 63 | 67 |
Total current liabilities | 156 | 163 |
Bonds payable | 71 | 65 |
Total liabilities | 227 | 228 |
Stockholders equity: | ||
Common stock | 46 | 45 |
Retained earnings | 366 | 189 |
Total stockholders equity | 412 | 234 |
Total liabilities and stockholders' equity | $ 639 | $ 462 |
Income Statement | |
---|---|
Sales | $ 920 |
Cost of goods sold | 536 |
Gross margin | 384 |
Selling and administrative expense | 121 |
Net operating income | 263 |
Gain on sale of plant and equipment | 35 |
Income before taxes | 298 |
Income taxes | 89 |
Net income | $ 209 |
Cash dividends were $32. The company sold equipment for $61 that was originally purchased for $32 and that had accumulated depreciation of $6. The net cash provided by (used in) investing activities for the year was:
Multiple Choice
$61
$113
$(174)
$(113)
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