Birchett Corporation's most recent balance sheet appears below:
Comparative Balance Sheet Ending Balance Beginning Balance Assets Current assets: Cash and cash equivalents $27 $26 Accounts receivable 65 59 Inventory 49 55 Total current assets 141 140 Property, plant, and equipment 533 490 Less accumulated depreciation 234 231 Net property, plant, and equipment 299 259 Total assets $440 $399 Liabilities and stockholders' equity Current liabilities: Accounts payable $28 $26 Total current liabilities 28 26 Bonds payable 169 200 Total liabilities 197 226 Stockholdersâ equity: Common stock 71 70 Retained earnings 172 103 Total stockholdersâ equity 243 173 Total liabilities and stockholders' equity $440 $399
The company's net income for the year was $91 and it did not sell or retire any property, plant, and equipment during the year. Cash dividends were $22. The net cash provided by (used in) operating activities for the year was:
$5
$130
$86
$96
Birchett Corporation's most recent balance sheet appears below:
| Comparative Balance Sheet | ||
| Ending Balance | Beginning Balance | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $27 | $26 |
| Accounts receivable | 65 | 59 |
| Inventory | 49 | 55 |
| Total current assets | 141 | 140 |
| Property, plant, and equipment | 533 | 490 |
| Less accumulated depreciation | 234 | 231 |
| Net property, plant, and equipment | 299 | 259 |
| Total assets | $440 | $399 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Accounts payable | $28 | $26 |
| Total current liabilities | 28 | 26 |
| Bonds payable | 169 | 200 |
| Total liabilities | 197 | 226 |
| Stockholdersâ equity: | ||
| Common stock | 71 | 70 |
| Retained earnings | 172 | 103 |
| Total stockholdersâ equity | 243 | 173 |
| Total liabilities and stockholders' equity | $440 | $399 |
The company's net income for the year was $91 and it did not sell or retire any property, plant, and equipment during the year. Cash dividends were $22. The net cash provided by (used in) operating activities for the year was:
| $5 | ||
| $130 | ||
| $86 | ||
| $96 |
Related questions
5) MC Qu. 67 Swinger Corporations comparative ...
Swinger Corporation's comparative balance sheet appears below:
| Ending Balance | Beginning Balance | |
| Assets: | ||
| Current assets: | ||
| Cash and cash equivalents | $47,000 | $31,000 |
| Accounts receivable | 23,000 | 22,000 |
| Inventory | 66,000 | 64,000 |
| Total current assets | 136,000 | 117,000 |
| Property, plant, and equipment | 356,000 | 338,000 |
| Less accumulated depreciation | 184,000 | 161,000 |
| Net property, plant, and equipment | 172,000 | 177,000 |
| Total assets | $308,000 | $294,000 |
| Liabilities and Stockholders' Equity | ||
| Current liabilities: | ||
| Accounts payable | $17,000 | $16,000 |
| Accrued liabilities | 43,000 | 44,000 |
| Income taxes payable | 63,000 | 61,000 |
| Total current liabilities | 123,000 | 121,000 |
| Bonds payable | 83,000 | 80,000 |
| Total liabilities | 206,000 | 201,000 |
| Stockholders' equity: | ||
| Common stock | 27,000 | 24,000 |
| Retained earnings | 75,000 | 69,000 |
| Total stockholders' equity | 102,000 | 93,000 |
| Total liabilities and stockholders' equity | $308,000 | $294,000 |
The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $10,000. The net cash provided by operating activities is:
A)$36,000
B)$32,000
C)$28,000
D)$34,000
Hocking Corporation's comparative balance sheet appearsbelow:
| Hocking Corporation Comparative Balance Sheet | ||
| Ending Balance | Beginning Balance | |
| Assets: | ||
| Current assets: | ||
| Cashand cash equivalents | $43,000 | $31,300 |
| Accounts receivable | 24,000 | 32,000 |
| Inventory | 82,000 | 74,000 |
| Prepaid expenses | 14,400 | 11,200 |
| Total current assets | 163,400 | 148,500 |
| Property, plant, and equipment | 518,000 | 498,000 |
| Lessaccumulated depreciation | 259,000 | 224,100 |
| Netproperty, plant, and equipment | 259,000 | 273,900 |
| Total assets | $422,400 | $422,400 |
| Liabilities and stockholders'equity | ||
| Current liabilities: | ||
| Accounts payable | $32,200 | $21,000 |
| Accrued liabilities | 64,000 | 83,000 |
| Income taxes payable | 97,000 | 99,000 |
| Total current liabilities | 193,200 | 203,000 |
| Bonds payable | 112,000 | 97,000 |
| Total liabilities | 305,200 | 300,000 |
| Stockholders' equity: | ||
| Common stock | 52,000 | 38,000 |
| Retained earnings | 65,200 | 84,400 |
| Total stockholders' equity | 117,200 | 122,400 |
| Total liabilities and stockholders' equity | $422,400 | $422,400 |
The company's net income (loss) for the year was $(9,600) andits cash dividends were $9,600. It did not sell or retire anyproperty, plant, and equipment during the year. The company usesthe indirect method to determine the net cash provided by operatingactivities. |
| The company'snet cash provided by operating activities is: |
$15,700
$31,500
$39,500
$12,300
MC Qu. 64 Illies Corporations comparative ...
Illies Corporation's comparative balance sheet appears below:
| Ending Balance | Beginning Balance | |
| Assets: | ||
| Current assets: | ||
| Cash and cash equivalents | $40,000 | $33,000 |
| Accounts receivable | 19,000 | 21,000 |
| Inventory | 67,000 | 69,000 |
| Total current assets | 126,000 | 123,000 |
| Property, plant, and equipment | 358,000 | 339,000 |
| Less accumulated depreciation | 156,000 | 132,000 |
| Net property, plant, and equipment | 202,000 | 207,000 |
| Total assets | $328,000 | $330,000 |
| Liabilities and Stockholdersâ Equity | ||
| Current liabilities: | ||
| Accounts payable | $18,000 | $19,000 |
| Accrued liabilities | 54,000 | 59,000 |
| Income taxes payable | 48,000 | 42,000 |
| Total current liabilities | 120,000 | 120,000 |
| Bonds payable | 82,000 | 86,000 |
| Total liabilities | 202,000 | 206,000 |
| Stockholdersâ equity: | ||
| Common stock | 23,000 | 22,000 |
| Retained earnings | 103,000 | 102,000 |
| Total stockholdersâ equity | 126,000 | 124,000 |
| Total liabilities and stockholdersâ equity | $328,000 | $330,000 |
The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $5,000 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 operating activities and net cash used in financing activities are:
A) net cash provided by operating activities, $35,000; net cash used in financing activities,$7,000
B) net cash provided by operating activities, $33,000; net cash used in financing activities,$7,000
C) net cash provided by operating activities, $35,000; net cash used in financing activities,$1,000
D) net cash provided by operating activities, $33,000; net cash used in financing activities,$1,000
