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Hirshberg Corporation's comparative balance sheet appears below: Comparative Balance Sheet Assets: Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and stockholders' equity: Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Ending Balance Beginning Balance $ $ $ 50,000 25,000 65,000 140,000 360,000 182,000 178,000 318,000 25,000 71,000 53,000 149,000 52,000 201,000 $ 30,000 30,000 60,000 120,000 340,000 150,000 190,000 $ 310,000 $ 21,000 60,000 50,000 131,000 80,000 211,000

Hirshberg Corporation's comparative balance sheet appears below: Comparative Balance Sheet Assets: Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and stockholders' equity: Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Ending Balance Beginning Balance $ $ $ 50,000 25,000 65,000 140,000 360,000 182,000 178,000 318,000 25,000 71,000 53,000 149,000 52,000 201,000 $ 30,000 30,000 60,000 120,000 340,000 150,000 190,000 $ 310,000 $ 21,000 60,000 50,000 131,000 80,000 211,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hirshberg Corporation's comparative balance sheet appears below: Comparative Balance Sheet Assets: Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and stockholders' equity: Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Ending Balance Beginning Balance $ $ $ Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 50,000 25,000 65,000 140,000 360,000 182,000 178,000 318,000 25,000 71,000 53,000 149,000 52,000 201,000 37,000 80,000 117,000 318,000 $ 30,000 30,000 60,000 120,000 340,000 150,000 190,000 $ 310,000 $ 21,000 60,000 50,000 131,000 80,000 211,000 41,000 58,000 99,000 $ 310,000 The company's net income for the year was $25,000 and its cash dividends were $3,000. It did not sell or retire any property, plant, and equipment during the year. The company's net cash provided by (used in) investing activities is:
Transcribed Image Text:Hirshberg Corporation's comparative balance sheet appears below: Comparative Balance Sheet Assets: Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and stockholders' equity: Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Ending Balance Beginning Balance $ $ $ Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 50,000 25,000 65,000 140,000 360,000 182,000 178,000 318,000 25,000 71,000 53,000 149,000 52,000 201,000 37,000 80,000 117,000 318,000 $ 30,000 30,000 60,000 120,000 340,000 150,000 190,000 $ 310,000 $ 21,000 60,000 50,000 131,000 80,000 211,000 41,000 58,000 99,000 $ 310,000 The company's net income for the year was $25,000 and its cash dividends were $3,000. It did not sell or retire any property, plant, and equipment during the year. The company's net cash provided by (used in) investing activities is:
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