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Hirshberg Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 55,000 $ 35,000
Hirshberg Corporation's comparative balance sheet appears below:
Comparative Balance Sheet | ||||||
Ending Balance | Beginning Balance | |||||
Assets: | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 55,000 | $ | 35,000 | ||
Accounts receivable | 29,500 | 35,000 | ||||
Inventory | 70,500 | 65,000 | ||||
Total current assets | 155,000 | 135,000 | ||||
Property, plant, and equipment | 370,000 | 345,000 | ||||
Less accumulated depreciation | 192,000 | 160,000 | ||||
Net property, plant, and equipment | 178,000 | 185,000 | ||||
Total assets | $ | 333,000 | $ | 320,000 | ||
Liabilities and stockholders' equity: | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 30,500 | $ | 26,000 | ||
Accrued liabilities | 77,000 | 65,000 | ||||
Income taxes payable | 58,500 | 55,000 | ||||
Total current liabilities | 166,000 | 146,000 | ||||
Bonds payable | 57,000 | 85,000 | ||||
Total liabilities | 223,000 | 231,000 | ||||
Stockholders equity: | ||||||
Common stock | 43,600 | 46,000 | ||||
Retained earnings | 66,400 | 43,000 | ||||
Total stockholders equity | 110,000 | 89,000 | ||||
Total liabilities and stockholders' equity | $ | 333,000 | $ | 320,000 | ||
The company's net income for the year was $29,000 and its cash dividends were $5,600. It did not sell or retire any property, plant, and equipment during the year.
The company's net cash provided by (used in) investing activities is:v: 02_23_2016_QC_CS-43371
A) $57,000
B) $(7,000)
C) $(25,000)
D) $37,500
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