Comparative Balance SheetBeginningEnding BalanceBalanceAssets:Current assets:$ 42,00021,00069,000132,000364,000160,000204,000$ 35,00023,20071,200129,400343,000134,000209,000Cash and cash equivalentsAccounts receivableInventoryTotal current assetsProperty, plant, and equipmentLess accumulated depreciationNet property, plant, and equipmentTotal assets$ 336,000$ 338,400Liabilities and stockholders' equity:Current liabilities:Accounts payable$ 21,20061,20044,000126,40089,000215,400$ 20,00056,00050,400Accrued liabilitiesIncome taxes payable126,40084,000210,400Total current liabilitiesBonds payableTotal liabilitiesStockholders' equity:26,00099,600125,60024,00099,000Common stockRetained earningsTotal stockholders' equity123,000$ 338,400$ 336,000Total liabilities and stockholders' equity The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $4,600 and itscash dividends were $4,000. The company did not issue any bonds-payable or purchase any of its own common stock during theyear. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are:

Solution: Statement of Cash Flows (Partial) For the current year Particulars Details Amount…

The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $4,600 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:

The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $4,600 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

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