Mccloe Corporation's balance sheet and income statement appear below:
Mccloe Corporation Comparative Balance Sheet
Ending Balance Beginning Balance
Assets:
Cash and cash equivalents $68 $48
Accounts receivable 62 67
Inventory 88 67
Property, plant and equipment 585 570
Less: accumulated depreciation 273 267
Total assets $530 $485
Liabilities and stockholders' equity:
Accounts payable $81 $62
Accrued liabilities 54 33
Income taxes payable 62 62
Bonds payable 89 154
Common stock 57 47
Retained earnings 187 127
Total liabilities and stockholders' equity $530 $485
Income Statement:
Sales $681Â Â
Cost of goods sold 425Â Â
Gross margin 256Â Â
Selling and administrative expenses 188Â Â
Net operating income 68Â Â
Gain on sale of plant and equipment 30Â Â
Income before taxes 98Â Â
Income taxes 36Â Â
Net income $62Â
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:
Answers: 1
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Mccloe Corporation's balance sheet and income statement appear below:
Mccloe Corporation Comparativ...
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