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Ware Company declared and paid $89,000 in cash dividends during the year. The Companys comparative balance sheet and income statement for last year appear below.

Ware Company declared and paid $89,000 in cash dividends during the year. The Companys comparative balance sheet and income statement for last year appear below. No dispositions of plant and equipment occurred during the year.

Statement of Financial Position

Ending

Beginning

Balance

Balance

Cash............................................................................................................................................

$ 38,000

$ 23,000

Accounts receivable.................................................................................................................

31,000

39,000

Inventory....................................................................................................................................

26,000

38,000

Prepaid expenses.......................................................................................................................

21,000

12,000

Long-term investments............................................................................................................

250,000

220,000

Plant and equipment................................................................................................................

410,000

360,000

Accumulated depreciation......................................................................................................

(262,000)

(222,000)

Total assets................................................................................................................................

$514,000

$470,000

Accounts payable.....................................................................................................................

$ 75,000

$ 53,000

Accrued liabilities......................................................................................................................

9,000

23,000

Taxes payable...........................................................................................................................

40,000

38,000

Bonds payable..........................................................................................................................

100,000

130,000

Common stock..........................................................................................................................

80,000

60,000

Retained earnings.....................................................................................................................

210,000

166,000

Total liabilities and owners equity........................................................................................

$514,000

$470,000

Income Statement

Sales............................................................................................................................................

$990,000

Less cost of goods sold............................................................................................................

510,000

Gross margin..............................................................................................................................

480,000

Less operating expenses..........................................................................................................

290,000

Net operating income...............................................................................................................

190,000

Less income taxes.....................................................................................................................

57,000

Net income.................................................................................................................................

$133,000

The net cash provided by (used in) operating activities last year was::

Question 6 options:

$194,000

$133,000

$173,000

$72,000

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