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The most recent balance sheet and income statement of Teramoto Corporation appear below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents
The most recent balance sheet and income statement of Teramoto Corporation appear below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents Accounts receivable Inventory Plant and equipment Less accumulated depreciation Total assets $43 53 73 582 301 $450 $35 59 69 490 286 $367 Liabilities and stockholders' equity Accounts payable Wages payable Taxes payable Bonds payable Deferred taxes Common stock Retained earnings Total liabilities and stockholders' equity $57 21 15 21 20 55 261 $450 $48 18 13 20 21 50 197 $367 Income Statement Sales Cost of good sold Gross margin Selling and administrative expense Net operating income Income taxes Net income $893 587 306 189 117 35 $82 The net cash provided by (used by) investing activities for the year was A. $77. B. $92. C. ($92). D. ($77). ***The answer is NOT A, $77
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