80.2K

Verified Solution

Link Copied!

Hocking Corporation's comparative balance sheet appears below: he company's net income (loss) for the year was $5,200 and its cash dividends were $1,600. 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 provided by operating activities is:

Hocking Corporation Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses 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 lotal liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 43,000 $23,000 23,000 53,000 13,000 112,000 333,000 136,000 197,000 $310,700 $309,000 18,700 57,300 11,700 130,700 348,000 168,000 180,000 $17,300 61,300 45,300 123,900 60,500 184,400 14,000 53,000 43,000 110,000 73,000 183,000 34,000 92,000 126,000 $310,700 $309,000 30,700 95,600 126,300

Answer & Explanation Solved by verified expert

See Answer