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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 $ 50,000 $ 30,000
Hirshberg Corporation's comparative balance sheet appears below:
Comparative Balance Sheet | ||||||
Ending Balance | Beginning Balance | |||||
Assets: | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 50,000 | $ | 30,000 | ||
Accounts receivable | 25,000 | 30,000 | ||||
Inventory | 65,000 | 60,000 | ||||
Total current assets | 140,000 | 120,000 | ||||
Property, plant, and equipment | 360,000 | 340,000 | ||||
Less accumulated depreciation | 182,000 | 150,000 | ||||
Net property, plant, and equipment | 178,000 | 190,000 | ||||
Total assets | $ | 318,000 | $ | 310,000 | ||
Liabilities and stockholders' equity: | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 25,000 | $ | 21,000 | ||
Accrued liabilities | 71,000 | 60,000 | ||||
Income taxes payable | 53,000 | 50,000 | ||||
Total current liabilities | 149,000 | 131,000 | ||||
Bonds payable | 52,000 | 80,000 | ||||
Total liabilities | 201,000 | 211,000 | ||||
Stockholders equity: | ||||||
Common stock | 37,000 | 41,000 | ||||
Retained earnings | 80,000 | 58,000 | ||||
Total stockholders equity | 117,000 | 99,000 | ||||
Total liabilities and stockholders' equity | $ | 318,000 | $ | 310,000 | ||
The company's net income for the year was $25,000 and its cash dividends were $3,000. 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:
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