Question
Illies Corporation's comparative balance sheet appears below: Illies Corporation Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 68,000 $ 43,000 Accounts
Illies Corporation's comparative balance sheet appears below:
Illies Corporation Ending Balance Beginning Balance Assets:
Current assets: Cash and cash equivalents $ 68,000 $ 43,000 Accounts receivable 26,500 33,000 Inventory 71,500 63,000 Total current assets 166,000 139,000 Property, plant, and equipment 447,000 430,000 Less accumulated depreciation 191,500 163,000 Net property, plant, equipment 255,500 267,000 Total assets $421,500 $406,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 20,600 $ 23,000 Accrued liabilities 60,000 63,000 Income taxes payable 60,500 53,000 Total current liabilities 141,100 139,000 Bonds payable 87,300 83,000 Total liabilities 228,400 222,000 Stockholders' equity: Common stock 34,000 43,000 Retained earnings 159,100 141,000 Total stockholders' equity 193,100 184,000 Total liabilities and stockholders' equity $421,500 $406,000
The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $25,600 and its cash dividends were $7,500. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by operating activities and net cash used in financing activities are: net cash provided by operating activities, $54,200; net cash used in financing activities,$12,200 net cash provided by operating activities, $35,000; net cash used in financing activities,$11,800 net cash provided by operating activities, $54,200; net cash used in financing activities,$11,800 net cash provided by operating activities, $35,000; net cash used in financing activities,$12,200
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