QUESTION 1 The most recent balance sheet and income statement of Ganim Corporati

Question

QUESTION 1 The most recent balance sheet and income statement of Ganim Corporation appear below: Comparative Balance Sheet Ending Beginning Balance Balance Assets Cash and cash equivalents Accounts receivable Inventory. Plant and equipment Accumulated depreciation Total assets $ 34 75 63 360 (212 199) $388 $333 $ 35 73 54 438 Liabilities and stockholders' equity Accounts payable Taxes payable.. Bonds payable. . Deferred taxes. Common stock Retained earnings Total liabilities and stockholders' equity8 $61 20 14 80 $63 21 16 110 15 20 24 $333 Income Statement $920 Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income. Income taxes Net income 314 157 157 Cash dividends were $20. The net cash provided by (used by) operations for the year was: $125 O $95 O $15 O $157

Explanation / Answer

Net income $ 110 Add/(Less) Depreciation & Amortization $    13 Decrease in accounts receivables $      2 Decrease in inventories $      9 Decrease in wages payables $    (1) Decrease in deferred taxes $    (4) Decrease in accounts payables $    (2) Decrease in taxes payables $    (2) Cash from operating actvities $ 125

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