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Dooling Corporation's balance sheet and income statement appear below: Beginning Balance $ 30 61 62 39 130 450 250 Dooling Corporation Comparative Balance Sheet Ending
Dooling Corporation's balance sheet and income statement appear below: Beginning Balance $ 30 61 62 39 130 450 250 Dooling Corporation Comparative Balance Sheet Ending Balance Assets: Current assets: Cash and cash equivalents $ 29 Accounts receivable Inventory 41 Total current assets 132 Property, plant and equipment 482 Less: accumulated depreciation 217 Net property, plant and equipment 265 Total assets $397 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 36 Accrued liabilities 13 Income taxes payable 41 Total current liabilities 90 Bonds payable 46 Total liabilities 136 Stockholder's equity: Common stock 21 Retained earnings 240 Total stockholder's equity 261 Total liabilities and stockholders' equity $397 200 $330 $ 40 12 45 97 40 137 20 173 193 $330 Income Statement $700 426 274 173 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Gain on sale of plant and equipment Income before taxes Income taxes 101 9 110 33 Income Statement Sales $700 426 274 173 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Gain on sale of plant and equipment Income before taxes 101 9 Income taxes 110 33 $ 77 Net income 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: $(25) O $17 $25 $(42)
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