Financial statements of Rukavina Corporation follow: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents $ 36 $ 38 Accounts receivable 39 44 Inventory 34 35 Property, plant, and equipment 386 360 Less accumulated depreciation 202 191 Total assets $ 293 $ 286 Liabilities and stockholders’ equity: Accounts payable $ 71 $ 61 Bonds payable 176 220 Common stock 81 80 Retained earnings (35 ) (75 ) Total liabilities and stockholders’ equity $ 293 $ 286 Income Statement Sales $ 518 Cost of goods sold 336 Gross margin 182 Selling and administrative expense 113 Net operating income 69 Income taxes 21 Net income $ 48 Cash dividends were $8. 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) financing activities for the year was: Multiple Choice $(8) $(44) $(51) $1
