Illies Corporation\'s comparative balance sheet appears below: The company did n
ID: 2479556 • Letter: I
Question
Illies Corporation's comparative balance sheet appears below: The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $5,000 and its cash dividends were $4,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by operating activities and net cash used in financing activities are:
net cash provided by operating activities, $33,000; net cash used in financing activities, $7,000
net cash provided by operating activities, $33,000; net cash used in financing activities, $1,000
net cash provided by operating activities, $35,000; net cash used in financing activities, $1,000
net cash provided by operating activities, $35,000; net cash used in financing activities, $7,000
a.net cash provided by operating activities, $33,000; net cash used in financing activities, $7,000
b.net cash provided by operating activities, $33,000; net cash used in financing activities, $1,000
c.net cash provided by operating activities, $35,000; net cash used in financing activities, $1,000
d.net cash provided by operating activities, $35,000; net cash used in financing activities, $7,000
Explanation / Answer
Answer B is correct: net cash provided by operating activities, $33,000; net cash used in financing activities, $1,000