Hirshberg Corporation's Comparative Balance Sheet Appears Below: the Company's

question 83

Multiple Choice

Hirshberg Corporation's comparative balance sheet appears below: The company's net income (loss) for the year was $11,000 and its cash dividends were $4,000.It did not sell or retire any property,plant,and equipment during the year. The company's net cash used in investing activities is:

• A)$6,000
• B)$54,000
• C)$24,000
• D)$44,000

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Definitions:

Statement of Owner's Equity

A financial statement that shows changes in the equity of a company's owner(s) over a period, including investments, withdrawals, and the company's net income or loss.

Accumulated Depreciation

Full amount of depreciation expenses that have been attributed to a fixed asset since it was deployed.

Financial Statements

Reports that summarize the financial performance and health of a business including balance sheet, income statement, and cash flow statement.

Balance Sheet

A summary record that outlines a firm's assets, liabilities, and equity held by shareholders at a specific timeframe, showing its financial status.