Gain on sale of plant and equipmentIncome before taxesIncome taxesNet income3325677$ 179Cash dividends were $27. The company sold equipment for $51 that was originally purchased for $27 and that had accumulated depreciation of $9. The net cash provided by (used in) investing activities forthe year was: Autry Corporation's balance sheet and income statement appear below:Assets:Current assets:Cash and cash equivalentsAccounts receivableInventoryTotal current assetsProperty, plant, and equipmentLess accumulated depreciationNet property, plant, and equipmentTotal assetsComparative Balance SheetLiabilities and stockholders' equity:Current liabilities:Accounts payableAccrued liabilitiesIncome taxes payableTotal current liabilitiesBonds payableTotal liabilitiesStockholders' equity:Common stockRetained earningsTotal stockholders' equityTotal liabilities and stockholders' equityIncome StatementSalesCost of goods soldGross marginSelling and administrative expenseNet operating income$ 870511359136223EndingBalance$ 467958183652251401$ 584$ 5330581418122256306362$ 584BeginningBalance$ 477856181535284251$ 432$ 5729621487522355154209$ 432

Name: Gain on sale of plant and equipmentIncome before taxesIncome taxesNet
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Gain on sale of plant and equipmentIncome before taxesIncome taxesNet income3325677$ 179Cash dividends were $27. The company sold equipment for $51 that was originally purchased for $27 and that had accumulated depreciation of $9. The net cash provi

The various sections of cash flow statement are classified as operating, investing and financing…

Business

Accounting

Autry Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Assets: Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and stockholders' equity: Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Income Statement Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income $ 870 511 359 136 223 Ending Balance $ 46 79 58 183 652 251 401 $ 584 $53 30 58 141 81 222 56 306 362 $ 584 Beginning Balance $ 47 78 56 181 535 284 251 $ 432 $ 57 29 62 148 75 223 55 154 209 $ 432

Autry Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Assets: Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and stockholders' equity: Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Income Statement Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income $ 870 511 359 136 223 Ending Balance $ 46 79 58 183 652 251 401 $ 584 $53 30 58 141 81 222 56 306 362 $ 584 Beginning Balance $ 47 78 56 181 535 284 251 $ 432 $ 57 29 62 148 75 223 55 154 209 $ 432

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter10: Long-term Liabilities

Section: Chapter Questions

Problem 10.12E

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