Question
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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