Question
Marbry Corporation's balance sheet and income statement appear below: Marbry Corporation's Comparative Balance Sheet Ending Balance Beginning Balance Assets Current assets: Cash and cash equivalents
Marbry Corporation's balance sheet and income statement appear below: Marbry Corporation's Comparative Balance Sheet Ending Balance Beginning Balance Assets Current assets: Cash and cash equivalents $ 52 $ 40 Accounts receivable 48 59 Inventory 72 59 Total current assets 172 158 Property, plant and equipment 520 490 Less: accumulated depreciation 268 259 Net property, plant, and equipment 252 231 Total assets $424 $389 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 65 $ 54 Accrued liabilities 38 25 Income taxes payable 54 54 Total current liabilities 157 133 Bonds payable 113 138 Total liabilities 270 271 Stockholders' equity: Common stock 43 39 Retained earnings 111 79 Total stockholders' equity 154 118 Total liabilities and stockholders' equity $424 $389 Income Statement Sales $524 Cost of goods sold 313 Gross margin 211 Selling and administrative expenses 150 Net operating income 61 Gain on sale of plant and equipment 12 Income before taxes 73 Income taxes 26 Net income $ 47 Cash dividends were $15. The company did not issue any bonds or repurchase any of its own common stock during the year. The net cash provided by (used in) financing activities for the year was:
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