Question
Hirshberg Corporation's comparative balance sheet appears below: Hirshberg Corporation Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $43,000 $23,000
Hirshberg Corporation's comparative balance sheet appears below: Hirshberg Corporation Comparative Balance Sheet Ending Balance Beginning Balance
Assets: Current assets: Cash and cash equivalents $43,000 $23,000 Accounts receivable 18,700 23,000 Inventory 57,300 53,000 Total current assets 119,000 99,000 Property, plant, and equipment 348,000 333,000 Less accumulated depreciation 168,000 136,000 Net property, plant, and equipment 180,000 197,000 Total assets $299,000 $296,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $17,300 $14,000 Accrued liabilities 62,600 53,000 Income taxes payable 45,300 43,000 Total current liabilities 125,200 110,000 Bonds payable 60,500 73,000 Total liabilities 185,700 183,000 Stockholders' equity: Common stock 30,700 34,000 Retained earnings 82,600 79,000 Total stockholders' equity 113,300 113,000 Total liabilities and stockholders' equity $299,000 $296,000
The company's net income (loss) for the year was $5,200 and its cash dividends were $1,600. It did not sell or retire any property, plant, and equipment during the year. The company's net cash used in investing activities is: $36,300 $47,000 $15,000 $17,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started