Hirshberg Corporation\'s comparative balance sheet appears below: Ending Balance
ID: 2592808 • Letter: H
Question
Hirshberg Corporation's comparative balance sheet appears below:
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
Ending Balance
Beginning Balance
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable
$15,000
$17,000
Accrued Liabilities
45,000
58,000
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
Retain 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 (loss) 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 operating activities is:
$48,000
$18,000
$40,000
$52,000
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
Explanation / Answer
Net income 11000 Adjustments: Depreciation 30000 Increase in Accounts receivable -4000 Decrease in Inventory 4000 Increase in current liabilities 7000 37000 Net cash provided by operating activities 48000 Option 1 is correct
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.