Comparative Balance SheetEndingBeginningBalanceBalanceAssets:Current assets:Cash and cash equivalents$ 44$ 36Accounts receivable4955Inventory6455Total current assets157146Property, plant, and equipmentLess accumulated depreciationNet property, plant, and equipment475450264255211195Total assets$ 368$ 341Liabilities and stockholders' equity:Current liabilities:Accounts payable$ 57$ 50Accrued liabilities3021Income taxes payable5050Total current liabilities137121Bonds payable109130Total liabilities246251Stockholders' equity:Common stock4835Retained earningsTotal stockholders’ equity745512290Total liabilities and stockholders' equity$ 368$ 341 Income StatementSales$ 613400Cost of goods soldGross marginSelling and administrative expenseNet operating incomeGain on sale of plant and equipment2131852817Income before taxes45Income taxes16Net income$ 29Cash dividends were $10. The company did not issue any bonds or repurchase any of its own common stock during theyear. The net cash provided by (used in) financing activities for the year was:

A financial statement that details the amounts of cash and cash equivalents that enter and leave a…

Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 44 $ 36 Accounts receivable 49 55 64 55 Inventory Total current assets 157 146 Property, plant, and equipment Less accumulated depreciation let property, plant, and equipment Total assets 475 450 264 255 211 195 $ 368 $ 341

Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 44 $ 36 Accounts receivable 49 55 64 55 Inventory Total current assets 157 146 Property, plant, and equipment Less accumulated depreciation let property, plant, and equipment Total assets 475 450 264 255 211 195 $ 368 $ 341

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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