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Posts: 168
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A year ago
Walmouth Corporation's comparative balance sheet and income statement for last year appear below: | Comparative Balance Sheet | | Ending Balance | Beginning Balance |
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| Cash and cash equivalents | $ 40,000 | $ 32,000 |
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| Accounts receivable | 89,000 | 79,000 |
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| Inventory | 48,000 | 55,000 |
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| Prepaid expenses | 8,000 | 11,000 |
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| Long-term investments | 250,000 | 210,000 |
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| Property, plant, and equipment | 550,000 | 550,000 |
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| Less accumulated depreciation | 264,000 | 239,000 |
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| Total assets | $ 721,000 | $ 698,000 |
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| Accounts payable | $ 58,000 | $ 46,000 |
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| Accrued liabilities | 15,000 | 19,000 |
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| Income taxes payable | 55,000 | 41,000 |
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| Bonds payable | 100,000 | 160,000 |
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| Common stock | 150,000 | 140,000 |
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| Retained earnings | 343,000 | 292,000 |
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| Total liabilities and stockholders' equity | $ 721,000 | $ 698,000 |
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| Income Statement | | Sales | $ 870,000 |
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| Cost of goods sold | 450,000 |
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| Gross margin | 420,000 |
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| Selling and administrative expense | 270,000 |
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| Net operating income | 150,000 |
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| Income taxes | 45,000 |
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| Net income | $ 105,000 |
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The company declared and paid a cash dividend of $54,000 during the year. It did not purchase or dispose of any property, plant, and equipment. It did not issue any bonds or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities last year was: ▸ $105,000 ▸ $58,000 ▸ $130,000 ▸ $152,000
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