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28 Sep 2019
Walmouth Corporation's comparative balance sheet and income statement for last year appear below:
Comparative Balance Sheet Ending Balance Beginning Balance Cash $40,000 $32,000 Accounts receivable 89,000 79,000 Inventory 48,000 55,000 Prepaid expenses 8,000 11,000 Long-term investments 250,000 210,000 Property, plant and equipment 550,000 550,000 Less accumulated depreciation 264,000 239,000 Total assets $721,000 $698,000 Accounts payable $58,000 $46,000 Accrued liabilities 15,000 19,000 Income taxes payable 55,000 41,000 Bonds payable 100,000 160,000 Common stock 150,000 140,000 Retained earnings 343,000 292,000 Total liabilities and stockholders' equity $721,000 $698,000
Income Statement Sales $870,000 Cost of goods sold 450,000 Gross margin 420,000 Selling and administrative expense 270,000 Net operating income 150,000 Income taxes 45,000 Net income $105,000
The company declared and paid a cash dividend of $54,000 during the year. It did not purchase or dispose of any property, plant, and equipment. It did not issue any bonds or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.
The net cash provided by (used in) operating activities last year was:
$58,000
$130,000
$152,000
$105,000
Walmouth Corporation's comparative balance sheet and income statement for last year appear below:
Comparative Balance Sheet | ||
Ending Balance | Beginning Balance | |
Cash | $40,000 | $32,000 |
Accounts receivable | 89,000 | 79,000 |
Inventory | 48,000 | 55,000 |
Prepaid expenses | 8,000 | 11,000 |
Long-term investments | 250,000 | 210,000 |
Property, plant and equipment | 550,000 | 550,000 |
Less accumulated depreciation | 264,000 | 239,000 |
Total assets | $721,000 | $698,000 |
Accounts payable | $58,000 | $46,000 |
Accrued liabilities | 15,000 | 19,000 |
Income taxes payable | 55,000 | 41,000 |
Bonds payable | 100,000 | 160,000 |
Common stock | 150,000 | 140,000 |
Retained earnings | 343,000 | 292,000 |
Total liabilities and stockholders' equity | $721,000 | $698,000 |
Income Statement | |
Sales | $870,000 |
Cost of goods sold | 450,000 |
Gross margin | 420,000 |
Selling and administrative expense | 270,000 |
Net operating income | 150,000 |
Income taxes | 45,000 |
Net income | $105,000 |
The company declared and paid a cash dividend of $54,000 during the year. It did not purchase or dispose of any property, plant, and equipment. It did not issue any bonds or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.
The net cash provided by (used in) operating activities last year was:
$58,000 | ||
$130,000 | ||
$152,000 | ||
$105,000 |
Collen VonLv2
28 Sep 2019
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