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Financial statements of Rukavina Corporation follow: Comparative Balance Sheet. Ending Beginning Balance Balance Assets: Cash and cash equivalents $ 68 $ 63 Accounts receivable 93 98 Inventory 70 71 Property, plant, and equipment 566 540 Less accumulated depreciation 283 270 Total assets $ 514 $ 502 Liabilities and stockholders' equity: Accounts payable Bonds payable $ 125 356 $ 97 Common stock 99 400 98 Retained earnings (66) (93) Total liabilities and stockholders' equity $ 514 $ 502 Income Statement Sales, $ 700 Cost of goods sold 490 Gross margin 210 Selling and administrative expense 140 70 21 $ 49 Net operating income Income taxes Net income Cash dividends were $22. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable 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 for the year was:

Financial statements of Rukavina Corporation follow: Comparative Balance Sheet. Ending Beginning Balance Balance Assets: Cash and cash equivalents $ 68 $ 63 Accounts receivable 93 98 Inventory 70 71 Property, plant, and equipment 566 540 Less accumulated depreciation 283 270 Total assets $ 514 $ 502 Liabilities and stockholders' equity: Accounts payable Bonds payable $ 125 356 $ 97 Common stock 99 400 98 Retained earnings (66) (93) Total liabilities and stockholders' equity $ 514 $ 502 Income Statement Sales, $ 700 Cost of goods sold 490 Gross margin 210 Selling and administrative expense 140 70 21 $ 49 Net operating income Income taxes Net income Cash dividends were $22. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable 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 for the year was:

FINANCIAL ACCOUNTING
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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Financial statements of Rukavina Corporation follow: Comparative Balance Sheet. Ending Beginning Balance Balance Assets: Cash and cash equivalents $ 68 $ 63 Accounts receivable 93 98 Inventory 70 71 Property, plant, and equipment 566 540 Less accumulated depreciation 283 270 Total assets $ 514 $ 502 Liabilities and stockholders' equity: Accounts payable Bonds payable $ 125 356 $ 97 Common stock 99 400 98 Retained earnings (66) (93) Total liabilities and stockholders' equity $ 514 $ 502 Income Statement Sales, $ 700 Cost of goods sold 490 Gross margin 210 Selling and administrative expense 140 70 21 $ 49 Net operating income Income taxes Net income Cash dividends were $22. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable 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 for the year was:
Transcribed Image Text:Financial statements of Rukavina Corporation follow: Comparative Balance Sheet. Ending Beginning Balance Balance Assets: Cash and cash equivalents $ 68 $ 63 Accounts receivable 93 98 Inventory 70 71 Property, plant, and equipment 566 540 Less accumulated depreciation 283 270 Total assets $ 514 $ 502 Liabilities and stockholders' equity: Accounts payable Bonds payable $ 125 356 $ 97 Common stock 99 400 98 Retained earnings (66) (93) Total liabilities and stockholders' equity $ 514 $ 502 Income Statement Sales, $ 700 Cost of goods sold 490 Gross margin 210 Selling and administrative expense 140 70 21 $ 49 Net operating income Income taxes Net income Cash dividends were $22. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable 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 for the year was:
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