QUESTION 3 Ostiguy Corporation\'s most recent comparative balance sheet and inco

Question

QUESTION 3 Ostiguy Corporation's most recent comparative balance sheet and income statement appear below: Comparative Balance Sheet Ending Beginning Balance Balance Assets Cash and cash equivalents Accounts receivable Inventory. Plant and equipment. Accumulated depreciation. Total assets S 38 $32 59 46 480 (327 278) $394 $339 584 Liabilities and stockholders' equity Accounts payab le Long-term detbt.. $ 28 293 $27 320 50 18 58) Retained earnings Total liabilities and stockholders' equity$394 $339 Income Statement Sales Cost of goods sold. Gross margin Selling and administrative expense.... Net operating income. Income taxes Net income $883 580 303 164 139 42 Cash dividends were $21. The net cash provided by (used by) operations for the year was: o $139 O $153 O $41 O $56

Explanation / Answer

Net income $    97 Add/(Less) Depreciation & Amortization $    49 Decrease in accounts receivables $      4 Decrease in inventories $      2 Increase in accounts payables $      1 Cash from operating actvities $ 153

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