Waste Company”s comparative balance sheet and income statement for last year appear below:
| Statement of Financial Position |
|
|
|
| Ending | Beginning |
|
| Balance | Balance |
| Cash | $ 60,000 | $ 22,000 |
| Accounts receivable | 40,000 | 54,000 |
| Inventory | 43,000 | 61,000 |
| Prepaid expenses. | 22,000 | 10,000 |
| Long term investments | 260,000 | 200,000 |
| Plant and equipment | 480,000 | 480,000 |
| Accumulated depreciation | (257,000) | (222,000) |
| Total assets | $648,000 | $605,000 |
| Accounts payable | $ 32,000 | $ 50,000 |
| Accrued liabilities | 51,000 | 25,000 |
| Taxes payable | 34,000 | 24,000 |
| Bonds payable | 120,000 | 160,000 |
| Deferred taxes | 28,000 | 16,000 |
| Common stock | 180,000 | 150,000 |
| Retained earnings | 203,000 | 180,000 |
| Total liabilities and owners’ equity | $648,000 | $605,000 |
| Income Statement |
|
| Sales | $600,000 |
| Less cost of goods sold | 340,000 |
| Gross margin | 260,000 |
| Less operating expenses | 160,000 |
| Net operating income | 100,000 |
| Less income taxes | 30,000 |
| Net income | $ 70,000 |
The company declared and paid $47,000 in cash dividends during the year. The following questions pertain to the company”s statement of cash flows.
1. The net cash provided by (used in) operating activities last year was:
A) $(15,000)
B) $105,000
C) $70,000
D) $155,000
2. The net cash provided by (used in) investing activities last year was:
A) $(60,000)
B) $60,000
C) $(30,000)
D) $30,000
3. The net cash provided by (used in) financing activities last year was:
A) $57,000
B) $(57,000)
C) $10,000
D) $(10,000)
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