80.2K

Verified Solution

Link Copied!

Marbry Corporation's balance sheet and income statement appear below:

Comparative Balance Sheet
	Ending Balance			Beginning Balance
Assets:
Current assets:
Cash and cash equivalents	$	68		$	48
Accounts receivable		62			67
Inventory		88			67
Total current assets		218			182
Property, plant, and equipment		585			570
Less accumulated depreciation		273			267
Net property, plant, and equipment		312			303
Total assets	$	530		$	485
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable	$	81		$	62
Accrued liabilities		54			33
Income taxes payable		62			62
Total current liabilities		197			157
Bonds payable		89			154
Total liabilities		286			311
Stockholders equity:
Common stock		57			47
Retained earnings		187			127
Total stockholders equity		244			174
Total liabilities and stockholders' equity	$	530		$	485

Income Statement
Sales	$	681
Cost of goods sold		425
Gross margin		256
Selling and administrative expense		188
Net operating income		68
Gain on sale of plant and equipment		30
Income before taxes		98
Income taxes		36
Net income	$	62

Cash dividends were $2. 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:

Answer & Explanation Solved by verified expert

See Answer