Autry Corporation's balance sheet and income statement appear below: Comparative Balance Sheet...
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Accounting
Autry Corporation's balance sheet and income statement appear below:
Comparative Balance Sheet
Ending Balance
Beginning Balance
Assets:
Current assets:
Cash and cash equivalents
$
29
$
30
Accounts receivable
62
61
Inventory
41
39
Total current assets
132
130
Property, plant, and equipment
482
450
Less accumulated depreciation
217
250
Net property, plant, and equipment
265
200
Total assets
$
397
$
330
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable
$
36
$
40
Accrued liabilities
13
12
Income taxes payable
41
45
Total current liabilities
90
97
Bonds payable
46
40
Total liabilities
136
137
Stockholders equity:
Common stock
21
20
Retained earnings
240
173
Total stockholders equity
261
193
Total liabilities and stockholders' equity
$
397
$
330
Income Statement
Sales
$
700
Cost of goods sold
426
Gross margin
274
Selling and administrative expense
173
Net operating income
101
Gain on sale of plant and equipment
9
Income before taxes
110
Income taxes
33
Net income
$
77
Cash dividends were $10. The company sold equipment for $17 that was originally purchased for $10 and that had accumulated depreciation of $2. The net cash provided by (used in) investing activities for the year was:
A) $(25)
B) $(42)
C) $25
D) $17
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