Income StatementSales$ 783581Cost of goods soldGross marginSelling and administrative expenseNet operating incomeGain on sale of plant and equipment2021327025Income before taxes95Income taxes35Net income$ 60Cash dividends were $12. The company did not issue any bonds or repurchase any of its own common stockduring the year. The net cash provided by (used in) financing activities for the year was: Marbry Corporation's balance sheet and income statement appear below:Comparative Balance SheetEndingBeginningBalanceBalanceAssets:Current assets:$ 66$ 47Cash and cash equivalentsAccounts receivable5666Inventory8666Total current assets208179Property, plant, and equipmentLess accumulated depreciationNet property, plant, and equipment580560279266301294Total assets$ 509$ 473Liabilities and stockholders' equity:Current liabilities:Accounts payable$ 79$ 61Accrued liabilities5232Income taxes payable6161Total current liabilities192154Bonds payable93152Total liabilities285306Stockholders' equity:Common stock5546Retained earningsTotal stockholders' equity169121224167Total liabilities and stockholders' equity$ 509$ 473

Solution: Cash flows from financing activities includes borrowing or repayments of long term…

Answered: Total current liabilities 192 154 Bonds…

Total current liabilities 192 154 Bonds payable 93 152 Total liabilities 285 306 Stockholders' equity: Common stock 55 46 Retained earnings 169 121

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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