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Hudgens Corporation's most recent balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents $38 $39 Accounts receivable $75

Hudgens Corporation's most recent balance sheet appears below:

Comparative Balance Sheet

Ending Balance Beginning Balance

Assets:

Cash and cash equivalents $38 $39

Accounts receivable $75 $63

Inventory $52 $59

Plant and equipment $360 $350

Less accumulated depreciation $231 $204

Total assets: $294 $307

Liabilities and stockholders' equity

Accounts payable $48 $41

Long-term debt $198 $260

Common stock $33 $30

Retained earnings $15 ($24)

Total liabilities and stockholders'equity $294 $307

The net income for the year was $49. Cash dividends were $10. The net cash provided by (used by) operations for the year was a. $70 b. $78 c. $20 d. $29

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