Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalen
ID: 2501509 • Letter: E
Question
Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $54,200 $27,000 Accounts receivable 23,200 27,800 Inventory 66,200 62,800 Prepaid expenses 11,200 12,800 Total current assets 154,800 130,400 Property, plant and equipment 361,000 341,000 Loss accumulated depreciation 162,400 139,000 Net property, plant, and equipment 198,600 202,000 Total assets $353,400 $332,400 Liabilities and Stockholder's Equity: Current liabilities: Accounts payable $14,800 $11,200 Accrued liabilities 62,800 53,800 Income taxes payable 51,800 49,200 Total current liabilities 129,400 114,200 Bonds payable 81,200 83,200 Total liabilities 210,600 197,400 Stockholder's equity: Common stock 28,800 30,000 Retained earnings 114,000 105,000 Total stockholder's equity 142,800 135,000 Total liabilities and stockholder's equity $353,400 $332,400 The company's net income (loss) for the year was $10,400 and its cash dividends were $1,400. It did not sell or retire any property, plant, and equipment during the year. The company uses the indirect method to determine the net cash provided by operating activities. The company's net cash used in investing activities is:
Explanation / Answer
Property, plant and equipment 361,000 341,000
Investing activities:
Cash paid for purchasing property, plant and equipment ($361,000 - $ 341,000) = - $ 20,000
Net cash used in investing activities = - $ 20,000
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