Salsedo Corporation's balance sheet and income statement appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$31 $33 Accounts receivable 24 30 Inventory 53 47 Property, plant, and equipment 461 390 Less accumulated depreciation 306 256 Total assets$263 $244 Liabilities and stockholders' equity: Accounts payable$42 $49 Accrued liabilities 16 17 Income taxes payable 39 40 Bonds payable 75 90 Common stock 53 50 Retained earnings 38 ( 2)Total liabilities and stockholders' equity$263 $244 Income StatementSales$ 634Cost of goods sold 400Gross margin234Selling and administrative expense 174Net operating income60Gain on sale of equipment 10Income before
taxes70Income taxes 21Net income$ 49Cash dividends were $9. The company sold equipment for $15 that was originally purchased for $10 and that had accumulated depreciation of $5. It did not issue any bonds payable or repurchase any of its own common stock.The net cash provided by (used in) operating activities for the year was:
A. $85
B. $94
C. $60
D. $95
Answer: A
You might also like to view...
A new partner must have the consent of all the partners before being admitted into the partnership
Indicate whether the statement is true or false
Which of the following accounts is not classified as a cost of goods sold account?
a. Purchases b. Merchandise Inventory c. Purchases Discounts d. Freight-In e. Purchases Returns and Allowances
Compare and contrast competitive orientation versus cooperative orientation for supplier relations
What will be an ideal response?
Boatwright College gives manufacturers of clothing and gift items permission to place the college's name and emblem on a wide variety of merchandise. In return, Boatwright is paid a fee for granting this permission. In this case, the Boatwright name and logo are a(n) ________ brand.
A. dealer B. manufacturer C. individual D. private E. licensed