| Waldrop Corporation’s comparative balance sheet appears below: |
| Ending Balance |
Beginning Balance | |||||
| Asset: | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $50,300 | $35,300 | ||||
| Accounts receivable | 15,600 | 18,800 | ||||
| Inventory |
70,600 |
73,800 |
||||
| Total current assets |
136,500 |
127,900 |
||||
| Property, plant and equipment | 350,000 | 326,000 | ||||
| Less accumulated depreciation |
219,000 |
191,000 |
||||
| Net property, plant, and equipment |
131,000 |
135,000 |
||||
| Total assets |
$267,500 |
$262,900 |
||||
| Liabilities and stockholders’ equity: | ||||||
| Current liabilities: | ||||||
| Accounts payable | $10,800 | $9,600 | ||||
| Accrued liabilities | 60,900 | 56,600 | ||||
| Income taxes payable |
61,600 |
62,800 |
||||
| Total current liabilities | 133,300 | 129,000 | ||||
| Bonds payable |
80,600 |
82,900 |
||||
| Total liabilities |
213,900 |
211,900 |
||||
| Stockholders’ equity: | ||||||
| Common stock | 38,500 | 40,500 | ||||
| Retained earnings |
15,100 |
10,500 |
||||
| Total stockholders’ equity |
53,600 |
51,000 |
||||
| Total liabilities and stockholders’ equity |
$267,500 |
$262,900 |
||||
The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $4,600. The net cash provided by operating activities is:
| $36,900 | |
| $45,700 | |
| $43,300 | |
| $15,300 |