Use Hanzely Corporation\'s balance sheet below to answer questions 18 and 19. Co

Question

Use Hanzely Corporation's balance sheet below to answer questions 18 and 19. Comparative Balance Sheet Ending Beginning Balance Balance Assets: $ 35 38 43 487 3229 Accounts receivable.... Inventory 39 36 460 294 $274$262 Less accumulated depreciation... Liabilities and stockholders' equity: $ 51 24 38 51 75 35 $274 $ 58 25 45 70 70 Income taxes payable. Bonds payable.. Common stock.... $269 Total liabilities and stockholders' equity Cash dividends declared and paid were $10. The company sold equipment for $17 that was originally purchased for $11 and that had accumulated depreciation of $9 The net cash provided by (used in) operating activities for the year was: a. $67 b· $62 c. $52 d. $48 e. $7 18. The net cash provided by (used in) investing activities was a. $17 b. $10 c. ($44) d· $27 e. ($21) 19.

Explanation / Answer

Cash Flows from Operating Activities: Net income 44 Adjustments to reconcile net income to Net cash provided by operating activities Depreciation expense 44 Gain on Sale of equipment -15 Decrease in receivables 1 Increase in inventory -7 Decrease in accounts payable -7 Decrease in accrued liabilities -1 Decrease in income taxes payable -7 8 Net cash provided by operating activities 52 Option C is correct 19 Cash Flows from Investing Activities: Purchase of Equipemnt -38 Sale of Equipment 17 Net Cash Provided by Investing Activities -21 Option E is correct

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