20) Marks Corporation\'s balance sheet appears below Comparative Balance Sheet E

Question

20) Marks Corporation's balance sheet appears below Comparative Balance Sheet Ending Balance Beginning Balance Assets $47 53 63 $37 57 60 440 255 Cash and cash equivalents Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation 548 295 $416 $339 Total assets Liabilities and stockholders' equity Accounts payable Bonds payable Common stock Retained earnings $52 260 51 53 $50 250 50 $416 $339 Total liabilities and stockholders' equity Net income for the year was $77. Cash dividends were $13. The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year

Explanation / Answer

Cash flow indirect method Cash flow from operating activities Net income 77 Adjustments to reconcile the net income Depreciation expense 40 Changes in current asset and liabilities Decrease in accounts receivable 4 Increase in Inventory -3 Decerase in accounts payable 2 43 Cash flow from operating activities 120 Cash flow from Investing activities Purchase of plat property and equipment -108 Cash flow from Investing activities -108 Cash flow from Financing activities Common stock 1 Bonds issued 10 Cash dividend -13 Cash flow from Financing activities -2 Net Cash and cash equivalent 10 Add Beginning cash and cash equivalent 37 Ending cash and cash equivalent 47

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