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Megan Corporation's net income last year was $98,000. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra-Asset
Megan Corporation's net income last year was $98,000. Changes in the company's balance sheet accounts for the year appear below:
Increases (Decreases) | |
---|---|
Asset and Contra-Asset Accounts: | |
Cash and cash equivalents | $ (3,000) |
Accounts receivable | $ (14,000) |
Inventory | $ 3,000 |
Prepaid expenses | $ (7,000) |
Long-term investments | $ 80,000 |
Property, plant, and equipment | $ 55,000 |
Accumulated depreciation | $ 58,000 |
Liability and Equity Accounts: | |
Accounts payable | $ 0 |
Accrued liabilities | $ 15,000 |
Income taxes payable | $ (11,000) |
Bonds payable | $ (30,000) |
Common stock | $ 20,000 |
Retained earnings | $ 62,000 |
The company paid a cash dividend of $36,000 and it did not dispose of any long-term investments or property, plant, and equipment. The company did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.
The net cash provided by (used in) investing activities last year was:
Multiple Choice
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$115,000
-
$(115,000)
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$135,000
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$(135,000)
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