The most recent balance sheet and income statement of Oldaker Corporation appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$31 $29 Accounts receivable 73 79 Inventory 44 45 Property, plant and equipment 728 590 Less accumulated depreciation 253 242 Total assets$623 $501 Liabilities and stockholders' equity: Accounts payable$56 $63 Accrued liabilities 21 22 Income taxes payable 26 28 Bonds payable 121 110 Common stock 33 30 Retained earnings 366 248 Total liabilities and stockholders' equity$623 $501 Income Statement?Sales$921Cost of goods sold 575Gross margin 346Selling and administrative expense 117Net operating income229Income taxes
69Net income $160The company paid a cash dividend of $42 and it did not dispose of any property, plant, and equipment. The company did not retire 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) investing activities for the year was:
A. $138
B. $(127)
C. $(138)
D. $127
Answer: C
You might also like to view...
In a hybrid office landscaping situation, the ratio between open areas and non-open areas is approximately 80:20
Indicate whether the statement is true or false.
Which of the following statements about the foreign tax credit is true?
A. By permitting a foreign tax credit, the U.S. relinquishes its taxing jurisdiction on foreign source income earned by U.S. corporations to the extent that income is taxed by a foreign jurisdiction. B. The foreign tax credit allows U.S. companies to defer U.S. tax on foreign source income. C. The foreign tax credit is available to foreign corporations doing business in the U.S. D. The foreign tax credit is allowed for all types of foreign taxes.
Which of the following organizations tracks experts in family business?
A. Family Business Management Institute B. Association for Family Business Foundations C. Association for Small Business Entrepreneurs D. Family Firm Institute
Fired Up Pizza in North Carolina is a family restaurant that emphasizes good food, clean fun, and community involvement in a fairly conservative market. As such, the restaurant often supports or donates to local charities. One manager wants to support a race for breast cancer research and receives management approval. He did not check any social media outlets about the ace and simply put a post and link on the company's Facebook page to the group sponsoring the run. It turns out that the sponsor also runs an online dating site for "young, vibrant singles." The site features pictures of scantily clad females, supporting the breast cancer run. The site also asks supporters of the race to submit photos to post on the site.The company's support of the charitable event spread via social
media and many customers are offended. This led to complaints and threats to boycott the restaurant. In addition, two experienced and well-liked female servers quit in opposition to the restaurant's support of the event. Other employees support the cause and think the social media posts are creative ways to generate interest in the breast cancer race. The manager did not pull his support of the event based on the customer and employee responses. The manager was later suspended. He eventually sued the company, claiming that he acted within the current guidelines for posting about charities supported by Fired Up Pizza.Using the 3-Step Problem-Solving Approach and the Organizing Framework, identify the key problem and recommend steps for a possible solution. What will be an ideal response?