2.

Comparative Balance Sheet Ending Beginning Balance Balance Assets Current assets: $ 40,000 $ 29,800 Cash and cash equivalents Accounts receivable 22,500 29,000 76,000 69,500 Inventory Prepaid expenses 13,800 10,900 152,300 139,200 Total current assets Property, plant, and equipment Less accumulated depreciation 482,000 462,000 241,000 207,900 241,000 254,100 Net property, plant, and equipment $393,300 $393,300 Total assets Liabilities and stockholders' equity Current liabilities: $ 27,500 $ 18,000 Accounts payable Accrued liabilities 61,000 75,500 Income taxes payable 89,500 91,500 Total current liabilities 178,000 185,000 Bonds payable 103,000 91,000 281,000 276,000 Total liabilities Stockholders' equity Common stock 46,000 35,000 Retained earnings Total stockholders' equity 66,300 82,300 112,300 117,300 $393,300 $393,300 Total liabilities and stockholders' equity 1 The company's net income (loss) for the year was $(8,000) and its cash dividends were $8,000. It did not sell or retire any property, plant, and equipment during the year. The company uses the indirect method to determine the net cash provided by operating activities. The company's net cash provided by (used in) operating activities is: Financial statements of Rukavina Corporation follow: Comparative Balance Sheet Ending Beginning Balance Balance Assets: $ 33 Cash and cash equivalents $37 Accounts receivable 54 59 Inventory Property, plant, and equipment Less accumulated depreciation 44 45 436 410 218 205 $349 $346 Total assets Liabilities and stockholders' equity: Accounts payable Bonds payable $ 86 $ 71 226 270 Common stock 86 85 Retained earnings (49) (80) $349 $346 Total liabilities and stockholders' equity Income Statement Sales $570 399 Cost of goods sold Gross margin 171 114 Selling and administrative expense Net operating income 57 17 Income taxes $ 40 Net income Cash dividends were $9. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities for the year was