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The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $6,000 and its cash dividends were $6,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are:

The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $6,000 and its cash dividends were $6,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are:

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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The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $6,000 and its cash dividends were $6,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are:

Comparative Balance Sheet Beginning Balance Ending Balance Assets: Current assets: $ 45,000 24,000 72,000 141,000 373,000 166,000 207,000 $ 38,000 26,500 74,500 139,000 349,000 137,000 Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment 212,000 $ 351,000 Total assets $ 348,000 Liabilities and stockholders' equity: Current liabilities: $ 23,000 59,000 54,000 $ 24,500 64,500 47,000 Accounts payable Accrued liabilities Income taxes payable 136,000 87,000 Total current liabilities 136,000 93,500 229,500 Bonds payable Total liabilities 223,000 Stockholders' equity: 30,500 94,500 Common stock Retained earnings Total stockholders' equity 27,000 94,500 121,500 125,000 $ 348,000 Total liabilities and stockholders' equity $ 351,000
Transcribed Image Text:Comparative Balance Sheet Beginning Balance Ending Balance Assets: Current assets: $ 45,000 24,000 72,000 141,000 373,000 166,000 207,000 $ 38,000 26,500 74,500 139,000 349,000 137,000 Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment 212,000 $ 351,000 Total assets $ 348,000 Liabilities and stockholders' equity: Current liabilities: $ 23,000 59,000 54,000 $ 24,500 64,500 47,000 Accounts payable Accrued liabilities Income taxes payable 136,000 87,000 Total current liabilities 136,000 93,500 229,500 Bonds payable Total liabilities 223,000 Stockholders' equity: 30,500 94,500 Common stock Retained earnings Total stockholders' equity 27,000 94,500 121,500 125,000 $ 348,000 Total liabilities and stockholders' equity $ 351,000
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