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7) MC Qu. 108 Financial statements of ... Financial statements of Rukavina Corporation follow: ...

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Accounting

7) MC Qu. 108 Financial statements of ...

Financial statements of Rukavina Corporation follow:

Comparative Balance Sheet

Ending Balance

Beginning Balance

Assets:

Cash and cash equivalents

$36

$38

Accounts receivable

39

44

Inventory

34

35

Property, plant and equipment

386

360

Less accumulated depreciation

202

191

Total assets

$293

$286

Liabilities and stockholders equity:

Accounts payable

$71

$61

Bonds payable

176

220

Common stock

81

80

Retained earnings

(35)

(75)

Total liabilities and equity

$293

$286

Income Statement

Sales

$518

Cost of goods sold

336

Gross margin

182

Selling and administrative expense

113

Net operating income

69

Income taxes

21

Net income

$48

Cash dividends were $8. 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) financing activities for the year was:

A)($8)

B)$1

C)($51)

D)($44)

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