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28 Sep 2019
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
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
Jean KeelingLv2
28 Sep 2019