Marbry Corporation's balance sheet and income statement appear below:
| Comparative Balance Sheet |
| Ending Balance | Beginning Balance |
|---|
| Assets: | | |
|---|
| Current assets: | | |
|---|
| Cash and cash equivalents | $ 44 | $ 37 |
|---|
| Accounts receivable | 57 | 49 |
|---|
| Inventory | 48 | 42 |
|---|
| Total current assets | 149 | 128 |
|---|
| Property, plant, and equipment | 441 | 360 |
|---|
| Less accumulated depreciation | 281 | 248 |
|---|
| Net property, plant, and equipment | 160 | 112 |
|---|
| Total assets | $ 309 | $ 240 |
|---|
| Liabilities and stockholders' equity: | | |
|---|
| Current liabilities: | | |
|---|
| Accounts payable | $ 35 | $ 43 |
|---|
| Accrued liabilities | 18 | 16 |
|---|
| Income taxes payable | 37 | 40 |
|---|
| Total current liabilities | 90 | 99 |
|---|
| Bonds payable | 15 | 20 |
|---|
| Total liabilities | 105 | 119 |
|---|
| Stockholders’ equity: | | |
|---|
| Common stock | 34 | 30 |
|---|
| Retained earnings | 170 | 91 |
|---|
| Total stockholders’ equity | 204 | 121 |
|---|
| Total liabilities and stockholders' equity | $ 309 | $ 240 |
|---|
| Income Statement |
| Sales | $ 807 |
|---|
| Cost of goods sold | 531 |
|---|
| Gross margin | 276 |
|---|
| Selling and administrative expense | 143 |
|---|
| Net operating income | 133 |
|---|
| Gain on sale of plant and equipment | 10 |
|---|
| Income before taxes | 143 |
|---|
| Income taxes | 43 |
|---|
| Net income | $ 100 |
|---|
Cash dividends were $21. 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:
▸ $4
▸ ($22)
▸ ($5)
▸ ($21)
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