|
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 | $681 |
| Cost of goods sold |
425 |
| Gross margin | 256 |
| Selling and administrative expenses |
188 |
| Net operating income | 68 |
| Gain on sale of plant and equipment |
30 |
| Income before taxes | 98 |
| Income taxes |
36 |
| Net income |
$ 62 |
| 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: |