Dooling Corporation\'s balance sheet and income statement appear below 50 48 159
ID: 2478531 • Letter: D
Question
Dooling Corporation's balance sheet and income statement appear below
50
48
159
157
235
268
337
227
$496
$384
50
54
91
85
208
209
222
110
288
175
$496
$384
471
159
27
56
$ 131
Cash dividends were $19. The company sold equipment for $35 that was originally purchased for $19 and that had accumulated depreciation of $11. The net cash provided by (used in) investing activities for the year was:
Please show work. Thank you.
Comparative Balance Sheet Ending
Balance Beginning
Balance Assets: Current assets: Cash and cash equivalents $ 38 $ 39 Accounts receivable 71 70 Inventory
50
48
Total current assets159
157
Property, plant and equipment 572 495 Less: accumulated depreciation235
268
Net property, plant and equipment337
227
Total assets$496
$384
Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 45 $ 49 Accrued liabilities 22 21 Income taxes payable50
54
Total current liabilities 117 124 Bonds payable91
85
Total liabilities208
209
Stockholder's equity: Common stock 66 65 Retained earnings222
110
Total stockholder's equity288
175
Total liabilities and stockholders' equity$496
$384
Explanation / Answer
Dooling Corporations
Statement of cash flows for the year ended
Cash flows from operating activities:
Netincome 131
add: depreciation 33
less: increase in current assets & decrease in
current liabilities
Accounts receivable 1
inventory 2
Accounts payable 4
Income taxes payable 4
Add: Increase in current liabilities & decrease in
current assets
accrued liabilities 1
Net cash provided by operating activities 154
cash flows from investing activities :
Purchase of plant & equipment (77)
Gain on sale of plant and equipment 27
net cash provided by investing activities 50.
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