The most recent balance sheet and income statement of Penaloza Corporation appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$47 $39 Accounts receivable 49 55 Inventory 36 39 Property, plant, and equipment 474 370 Less accumulated depreciation 250 218 Total assets$356 $285 Liabilities and stockholders' equity: Accounts payable$36 $35 Accrued liabilities 27 25 Income taxes payable 36 44 Bonds payable 88 80 Common stock 45 40 Retained earnings 124 61 Total liabilities and equity$356 $285 Income Statement?Sales$773Cost of goods sold468Gross margin305Selling and administrative expense189Net operating income116Income taxes35Net income$81The company paid a cash
dividend of $18. 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) operating activities for the year was:
A. $116
B. $117
C. $36
D. $45
Answer: B
You might also like to view...
Which of the following symbols represents the change or manipulation of the independent variable?
A) O B) X C) C D) I E) M
The executive summary should be ______ the length of the report.
A. 1/4 B. 1/6 C. 1/9 D. 1/10
The ________ was drafted by the National Conference of Commissioners on State Laws in 1968 and regulates interest and finance rates, and prohibits fine-print clauses
A) Dodd-Frank Act B) Uniform Consumer Credit Code C) Federal Consumer Protection Act D) Federal Bankruptcy Code
Which sentence uses correct capitalization?
A) Because I needed a quick response, I sent an e-mail message marked high priority. B) Because I needed a quick response, I sent an e-mail message marked High Priority. C) Because I needed a quick response, I sent an e-mail message marked High priority.