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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 $ 29
Autry Corporation's balance sheet and income statement appear below:
Comparative Balance Sheet | ||||||
Ending Balance | Beginning Balance | |||||
Assets: | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 29 | $ | 30 | ||
Accounts receivable | 62 | 61 | ||||
Inventory | 41 | 39 | ||||
Total current assets | 132 | 130 | ||||
Property, plant, and equipment | 482 | 450 | ||||
Less accumulated depreciation | 217 | 250 | ||||
Net property, plant, and equipment | 265 | 200 | ||||
Total assets | $ | 397 | $ | 330 | ||
Liabilities and stockholders' equity: | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 36 | $ | 40 | ||
Accrued liabilities | 13 | 12 | ||||
Income taxes payable | 41 | 45 | ||||
Total current liabilities | 90 | 97 | ||||
Bonds payable | 46 | 40 | ||||
Total liabilities | 136 | 137 | ||||
Stockholders equity: | ||||||
Common stock | 21 | 20 | ||||
Retained earnings | 240 | 173 | ||||
Total stockholders equity | 261 | 193 | ||||
Total liabilities and stockholders' equity | $ | 397 | $ | 330 | ||
Income Statement | ||
Sales | $ | 700 |
Cost of goods sold | 426 | |
Gross margin | 274 | |
Selling and administrative expense | 173 | |
Net operating income | 101 | |
Gain on sale of plant and equipment | 9 | |
Income before taxes | 110 | |
Income taxes | 33 | |
Net income | $ | 77 |
Cash dividends were $10. The company sold equipment for $17 that was originally purchased for $10 and that had accumulated depreciation of $2. The net cash provided by (used in) investing activities for the year was:
A) $(25)
B) $(42)
C) $25
D) $17
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