Illies Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets:
Question:
Illies Corporation's comparative balance sheet appears below:
Comparative Balance Sheet | ||||||
Ending Balance | Beginning Balance | |||||
Assets: | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 58,000 | $ | 51,000 | ||
Accounts receivable | 37,000 | 40,800 | ||||
Inventory | 85,000 | 88,800 | ||||
Total current assets | 180,000 | 180,600 | ||||
Property, plant, and equipment | 412,000 | 375,000 | ||||
Less accumulated depreciation | 192,000 | 150,000 | ||||
Net property, plant, and equipment | 220,000 | 225,000 | ||||
Total assets | $ | 400,000 | $ | 405,600 | ||
Liabilities and stockholders' equity: | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 36,000 | $ | 38,800 | ||
Accrued liabilities | 72,000 | 78,800 | ||||
Income taxes payable | 69,600 | 60,000 | ||||
Total current liabilities | 177,600 | 177,600 | ||||
Bonds payable | 100,000 | 113,000 | ||||
Total liabilities | 277,600 | 290,600 | ||||
Stockholders equity: | ||||||
Common stock | 50,000 | 40,000 | ||||
Retained earnings | 72,400 | 75,000 | ||||
Total stockholders equity | 122,400 | 115,000 | ||||
Total liabilities and stockholders' equity | $ | 400,000 | $ | 405,600 | ||
The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $1,400 and its cash dividends were $4,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are:
Multiple Choice
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net cash provided by (used in) operating activities, $51,000; net cash provided by (used in) financing activities, $(7,000)
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net cash provided by (used in) operating activities, $54,800; net cash provided by (used in) financing activities, $(7,000)
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net cash provided by (used in) operating activities, $54,800; net cash provided by (used in) financing activities, $(10,000)
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net cash provided by (used in) operating activities, $51,000; net cash provided by (used in) financing activities, $(10,000)