Question

In: Accounting

Carriveau Corporation's most recent balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets:...

Carriveau Corporation's most recent balance sheet appears below:

Comparative Balance Sheet
Ending Balance Beginning Balance
Assets:
Current assets:
Cash and cash equivalents $ 41 $ 30
Accounts receivable 38 26
Inventory 51 65
Total current assets 130 121
Property, plant, and equipment 772 551
Less accumulated depreciation 283 262
Net property, plant, and equipment 489 289
Total assets $ 619 $ 410
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable $ 56 $ 71
Accrued liabilities 21 18
Income taxes payable 44 36
Total current liabilities 121 125
Bonds payable 110 166
Total liabilities 231 291
Stockholders’ equity:
Common stock 86 81
Retained earnings 302 38
Total stockholders’ equity 388 119
Total liabilities and stockholders' equity $ 619 $ 410

Net income for the year was $325. Cash dividends were $61. The company did not sell or retire any property, plant, and equipment during the year. The net cash provided by (used in) operating activities for the year was:

Solutions

Expert Solution

Correct answer-----------$344

Working

Statement of Cash Flows (Partial)
Cash flows from operating activities:
Net income $ 325.00
Adjustments to reconcile net income to net cash from operating activities
Depreciation expense $         21.00
Increase in accounts receivable $          (12.00)
Decrease in inventory $            14.00
Decrease in accounts payable $        (15.00)
Increase in Accrued liabilities $          3.00
Increase in Income taxes payable $          8.00
$    19.00
Net cash from operating activities $ 344.00

Depreciation expense is the difference between Accumulated depreciation accounts in two years


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