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Illies Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 56,000 $ 49,000

Illies Corporation's comparative balance sheet appears below:

Comparative Balance Sheet
Ending Balance Beginning Balance
Assets:
Current assets:
Cash and cash equivalents $ 56,000 $ 49,000
Accounts receivable 35,000 38,600
Inventory 83,000 86,600
Total current assets 174,000 174,200
Property, plant, and equipment 406,000 371,000
Less accumulated depreciation 188,000 148,000
Net property, plant, and equipment 218,000 223,000
Total assets $ 392,000 $ 397,200
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable $ 34,000 $ 36,600
Accrued liabilities 70,000 76,600
Income taxes payable 67,200 58,000
Total current liabilities 171,200 171,200
Bonds payable 98,000 110,000
Total liabilities 269,200 281,200
Stockholders equity:
Common stock 47,000 38,000
Retained earnings 75,800 78,000
Total stockholders equity 122,800 116,000
Total liabilities and stockholders' equity $ 392,000 $ 397,200

The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $1,800 and its cash dividends were $4,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are:

Multiple Choice

  • net cash provided by (used in) operating activities, $49,000; net cash provided by (used in) financing activities, $(7,000)

  • net cash provided by (used in) operating activities, $52,600; net cash provided by (used in) financing activities, $(9,000)

  • net cash provided by (used in) operating activities, $52,600; net cash provided by (used in) financing activities, $(7,000)

  • net cash provided by (used in) operating activities, $49,000; net cash provided by (used in) financing activities, $(9,000)

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