The most recent balance sheet and income statement of Teramoto Corporation appear below:
Comparative Balance Sheet
Ending
Balance Beginning
Balance
Assets:
Cash and cash equivalents
Accounts receivable
Inventory
Plant and equipment
Less accumulated depreciation
Total assets
$43
53
73
582
301
$450
$35
59
69
490
286
$367
Liabilities and stockholders’ equity
Accounts payable
Wages payable
Taxes payable
Bonds payable
Deferred taxes
Common stock
Retained earnings
Total liabilities and stockholders’ equity
$57
21
15
21
20
55
261
$450
$48
18
13
20
21
50
197
$367
Income Statement
Sales
Cost of good sold
Gross margin
Selling and administrative expense
Net operating income
Income taxes
Net income
$893
587
306
189
117
35
$82
The net cash provided by (used by) investing activities for the year was
A. $77.
B. $92.
C. ($92).
D. ($77).
***The answer is NOT A, $77
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