Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Illies Corporation's comparative balance sheet appears below: L i llies Corporation Ending Balance Beginning Balance $ 80,000 33,900 72,100 186,000 513.500 194,500 319,000 $505,000 $
Illies Corporation's comparative balance sheet appears below: L i llies Corporation Ending Balance Beginning Balance $ 80,000 33,900 72,100 186,000 513.500 194,500 319,000 $505,000 $ 49,000 39,000 69,000 157,000 490,000 169,000 321,000 $478,000 Assets: Current assets: Cash and cash equivalents Accounts recevable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity L $ 26,000 61,800 61,400 149,200 93,900 243,100 $29,000 69,000 59,000 157,000 89,000 246,000 42,000 219,900 261,900 $505,000 49,000 183,000 232,000 $478,000 | The company did not dispose of any property, plant, and equipment during the year. Its net Income for the year was $39,400 and its cash dividends were $2,500. 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: O net cash provided by operating activities, $30,600; net cash used in financing activities $4,600 O net cash provided by operating activities, $59,100; net cash used in financing activities,$7,400 O net cash provided by operating activities, $59,100; net cash used in financing activities, $4,600 O net cash provided by operating activities, $30,600; net cash used in financing activities $7,400
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started