Question
Carriveau Corporation's most recent balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 35 $
Carriveau Corporation's most recent balance sheet appears below:
Comparative Balance Sheet | ||||||
| Ending Balance | Beginning Balance | ||||
Assets: |
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Current assets: |
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Cash and cash equivalents | $ | 35 |
| $ | 24 |
|
Accounts receivable |
| 33 |
|
| 27 |
|
Inventory |
| 45 |
|
| 53 |
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Total current assets |
| 113 |
|
| 104 |
|
Property, plant, and equipment |
| 742 |
|
| 539 |
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Less accumulated depreciation |
| 266 |
|
| 250 |
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Net property, plant, and equipment |
| 476 |
|
| 289 |
|
Total assets | $ | 589 |
| $ | 393 |
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Liabilities and stockholders' equity: |
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Current liabilities: |
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Accounts payable | $ | 50 |
| $ | 54 |
|
Accrued liabilities |
| 15 |
|
| 11 |
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Income taxes payable |
| 38 |
|
| 28 |
|
Total current liabilities |
| 103 |
|
| 93 |
|
Bonds payable |
| 134 |
|
| 193 |
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Total liabilities |
| 237 |
|
| 286 |
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Stockholders equity: |
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Common stock |
| 80 |
|
| 75 |
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Retained earnings |
| 272 |
|
| 32 |
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Total stockholders equity |
| 352 |
|
| 107 |
|
Total liabilities and stockholders' equity | $ | 589 |
| $ | 393 |
|
Net income for the year was $295. Cash dividends were $55. The company did not sell or retire any property, plant, and equipment during the year. The net cash provided by (used in) operating activities for the year was:
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