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Financial statements of Rukavina Corporation follow: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents $ 28 $ 25 Accounts receivable 86
Financial statements of Rukavina Corporation follow:
Comparative Balance Sheet | ||||||
Ending Balance | Beginning Balance | |||||
Assets: | ||||||
Cash and cash equivalents | $ | 28 | $ | 25 | ||
Accounts receivable | 86 | 76 | ||||
Inventory | 42 | 35 | ||||
Property, plant, and equipment | 588 | 520 | ||||
Less accumulated depreciation | 340 | 299 | ||||
Total assets | $ | 404 | $ | 357 | ||
Liabilities and stockholders' equity: | ||||||
Accounts payable | $ | 45 | $ | 60 | ||
Bonds payable | 115 | 150 | ||||
Common stock | 85 | 76 | ||||
Retained earnings | 159 | 71 | ||||
Total liabilities and stockholders' equity | $ | 404 | $ | 357 | ||
Income Statement | ||
Sales | $ | 725 |
Cost of goods sold | 459 | |
Gross margin | 266 | |
Selling and administrative expense | 100 | |
Net operating income | 166 | |
Income taxes | 59 | |
Net income | $ | 107 |
Cash dividends were $19. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.
The net cash provided by (used in) investing activities for the year was: ?
a. -19
b. 19
c. 68
d. -68
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