Item$3$

$10$

points

eBookReferencesItem $3$

Illies Corporation's comparative balance sheet appears below:

Comparative Balance Sheet

Ending Balance Beginning Balance

Assets:

Current assets:

Cash and cash equivalents $ $53,000$ $ $46,000$

Accounts receivable $32,00035,300$

Inventory $80,00083,300$

Total current assets $165,000164,600$

Property, plant, and equipment $397,000365,000$

Less accumulated depreciation $182,000145,000$

Net property, plant, and equipment $215,000220,000$

Total assets $ $380,000$ $ $384,600$

Liabilities and shareholders' equity:

Current liabilities:

Accounts payable $ $31,000$ $ $33,300$

Accrued liabilities $67,00073,300$

Income taxes payable $63,60055,000$

Total current liabilities $161,600161,600$

Bonds payable $95,000105,500$

Total liabilities $256,600267,100$

Shareholders$$ equity:

Common shares $42,50035,000$

Retained earnings $80,90082,500$

Total shareholders$$ equity $123,400117,500$

Total liabilities and shareholders' equity $ $380,000$ $ $384,600$

The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $$2,400$ and its cash dividends were $$4,000.$ The company did not issue any bonds payable or purchase any of its own common shares during the year. Its net cash provided by $($used in$)$ operating activities and net cash provided by $($used in$)$ financing activities are:

Multiple Choice

net cash provided by $($used in$)$ operating activities, $$46,000$; net cash provided by $($used in$)$ financing activities, $$(7,500)$

net cash provided by $($used in$)$ operating activities, $$49,300$; net cash provided by $($used in$)$ financing activities, $$(7,000)$

net cash provided by $($used in$)$ operating activities, $$46,000$; net cash provided by $($used in$)$ financing activities, $$(7,000)$

net cash provided by $($used in$)$ operating activities, $$49,300$; net cash provided by $($used in$)$ financing activities, $$(7,500)$