QUESTION 1 The most recent balance sheet and income statement of Ganim Corporation appear below: Comparative Balance Sheet Ending Beginning Balance Balance Assets Cash and cash equivalents Accounts receivable Inventory. Plant and equipment Accumulated depreciation Total assets $ 34 75 63 360 (212 199) $388 $333 $ 35 73 54 438 Liabilities and stockholders' equity Accounts payable Taxes payable.. Bonds payable. . Deferred taxes. Common stock Retained earnings Total liabilities and stockholders' equity8 $61 20 14 80 $63 21 16 110 15 20 24 $333 Income Statement $920 Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income. Income taxes Net income 314 157 157 Cash dividends were $20. The net cash provided by (used by) operations for the year was: $125 O $95 O $15 O $157