Marbry Corporation's balance sheet and income statement appear below: Comparative Balance...
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Accounting
Marbry Corporation's balance sheet and income statement appear below:
Comparative Balance Sheet
Ending Balance
Beginning Balance
Assets:
Current assets:
Cash and cash equivalents
$
44
$
36
Accounts receivable
49
55
Inventory
64
55
Total current assets
157
146
Property, plant, and equipment
475
450
Less accumulated depreciation
264
255
Net property, plant, and equipment
211
195
Total assets
$
368
$
341
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable
$
57
$
50
Accrued liabilities
30
21
Income taxes payable
50
50
Total current liabilities
137
121
Bonds payable
109
130
Total liabilities
246
251
Stockholders equity:
Common stock
48
35
Retained earnings
74
55
Total stockholders equity
122
90
Total liabilities and stockholders' equity
$
368
$
341
Income Statement
Sales
$
613
Cost of goods sold
400
Gross margin
213
Selling and administrative expense
185
Net operating income
28
Gain on sale of plant and equipment
17
Income before taxes
45
Income taxes
16
Net income
$
29
Cash dividends were $10. The company did not issue any bonds or repurchase any of its own common stock during the year. The net cash provided by (used in) financing activities for the year was:
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