Illies Corporation's comparative balance sheet appears below:   Comparative Balance Sheet   Ending Balance Beginning Balance Assets:             Current assets:             Cash and cash equivalents $ 56,000   $ 49,000   Accounts receivable   35,000     38,600   Inventory   83,000     86,600   Total current assets   174,000     174,200   Property, plant, and equipment   406,000     371,000   Less accumulated depreciation   188,000     148,000   Net property, plant, and equipment   218,000     223,000   Total assets $ 392,000   $ 397,200   Liabilities and stockholders' equity:             Current liabilities:             Accounts payable $ 34,000   $ 36,600   Accrued liabilities   70,000     76,600   Income taxes payable   67,200     58,000   Total current liabilities   171,200     171,200   Bonds payable   98,000     110,000   Total liabilities   269,200     281,200   Stockholders’ equity:             Common stock   47,000     38,000   Retained earnings   75,800     78,000   Total stockholders’ equity   122,800     116,000   Total liabilities and stockholders' equity $ 392,000   $ 397,200       The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $1,800 and its cash dividends were $4,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Illies Corporation's comparative balance sheet appears below:

 

Comparative Balance Sheet
  Ending Balance Beginning Balance
Assets:            
Current assets:            
Cash and cash equivalents $ 56,000   $ 49,000  
Accounts receivable   35,000     38,600  
Inventory   83,000     86,600  
Total current assets   174,000     174,200  
Property, plant, and equipment   406,000     371,000  
Less accumulated depreciation   188,000     148,000  
Net property, plant, and equipment   218,000     223,000  
Total assets $ 392,000   $ 397,200  
Liabilities and stockholders' equity:            
Current liabilities:            
Accounts payable $ 34,000   $ 36,600  
Accrued liabilities   70,000     76,600  
Income taxes payable   67,200     58,000  
Total current liabilities   171,200     171,200  
Bonds payable   98,000     110,000  
Total liabilities   269,200     281,200  
Stockholders’ equity:            
Common stock   47,000     38,000  
Retained earnings   75,800     78,000  
Total stockholders’ equity   122,800     116,000  
Total liabilities and stockholders' equity $ 392,000   $ 397,200  
 

 

The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $1,800 and its cash dividends were $4,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are: 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education