Hirshberg Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current...
Hirshberg Corporation's comparative balance sheet appears below:
| Comparative Balance Sheet | ||||||
| Ending Balance | Beginning Balance | |||||
| Assets: | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 42,000 | $ | 31,000 | ||
| Accounts receivable | 22,000 | 18,000 | ||||
| Inventory | 66,000 | 70,000 | ||||
| Total current assets | 130,000 | 119,000 | ||||
| Property, plant, and equipment | 401,000 | 377,000 | ||||
| Less accumulated depreciation | 207,000 | 177,000 | ||||
| Net property, plant, and equipment | 194,000 | 200,000 | ||||
| Total assets | $ | 324,000 | $ | 319,000 | ||
| Liabilities and stockholders' equity: | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 15,000 | $ | 17,000 | ||
| Accrued liabilities | 45,000 | 38,000 | ||||
| Income taxes payable | 53,000 | 51,000 | ||||
| Total current liabilities | 113,000 | 106,000 | ||||
| Bonds payable | 83,000 | 91,000 | ||||
| Total liabilities | 196,000 | 197,000 | ||||
| Stockholders’ equity: | ||||||
| Common stock | 27,000 | 28,000 | ||||
| Retained earnings | 101,000 | 94,000 | ||||
| Total stockholders’ equity | 128,000 | 122,000 | ||||
| Total liabilities and stockholders' equity | $ | 324,000 | $ | 319,000 | ||
The company's net income for the year was $11,000 and its cash dividends were $4,000. It did not sell or retire any property, plant, and equipment during the year.
The company's net cash provided by (used in) operating activities is:
Multiple Choice
-
$48,000
-
$18,000
-
$40,000
-
$52,000
Homework Answers
Net Income = $11,000
Add: Depreciation during the period = $30,000
Total = $41,000
Adjustments w.r.t changes in Working capital
+ Increase in Accounts receivable = $4,000
- Decrease = ($4,000)
- Decrease in accounts payable = ($2,000)
+ Increase in Accrued liabilities = $7,000
- Increase in Income tax payable = $2,000
Changes in working capital = $7,000
Cash Flow from Operating Activities = $48,000
Option '1' is correct
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