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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 $ 44
Autry Corporation's balance sheet and income statement appear below:
Comparative Balance Sheet | ||||||
Ending Balance | Beginning Balance | |||||
Assets: | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 44 | $ | 45 | ||
Accounts receivable | 77 | 76 | ||||
Inventory | 56 | 54 | ||||
Total current assets | 177 | 175 | ||||
Property, plant, and equipment | 632 | 525 | ||||
Less accumulated depreciation | 247 | 280 | ||||
Net property, plant, and equipment | 385 | 245 | ||||
Total assets | $ | 562 | $ | 420 | ||
Liabilities and stockholders' equity: | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 51 | $ | 55 | ||
Accrued liabilities | 28 | 27 | ||||
Income taxes payable | 56 | 60 | ||||
Total current liabilities | 135 | 142 | ||||
Bonds payable | 71 | 65 | ||||
Total liabilities | 206 | 207 | ||||
Stockholders equity: | ||||||
Common stock | 46 | 45 | ||||
Retained earnings | 310 | 168 | ||||
Total stockholders equity | 356 | 213 | ||||
Total liabilities and stockholders' equity | $ | 562 | $ | 420 | ||
Income Statement | ||
Sales | $ | 850 |
Cost of goods sold | 501 | |
Gross margin | 349 | |
Selling and administrative expense | 139 | |
Net operating income | 210 | |
Gain on sale of plant and equipment | 29 | |
Income before taxes | 239 | |
Income taxes | 72 | |
Net income | $ | 167 |
Cash dividends were $25. The company sold equipment for $47 that was originally purchased for $25 and that had accumulated depreciation of $7. The net cash provided by (used in) investing activities for the year was:
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