19 The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contraset Accounts Liabilities and Stockholders' Equity Accounts Cash $ 25 D Accounts payable $ 77 1 Accounts receivable $ 29 1 Accrued liabilities $ 29 D Inventory $ 68 D Income taxes payable $ 34 1 Trepaid expenses $ 241 Donde payable $244 Long-term investments $ 26 D Common stock $116 D Property, plant, and equipment $ 470 1 Retained earnings $ 97 1 Accumulated depreciation $ 971 1 points eBook Print References D-Decrease; i Increase. Long-term investments that cost the company $26 were sold during the year for $56 and land that cost $55 was sold for $29. In addition, the company declared and paid $23 in cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Pavolik did not retire any bonds during the year or issue any new common stock. The company's income statement for the year follows: $1,170 516 654 470 184 Sales Coat of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items! Loss on sale of land Gain on sale of investments Income before taxes Income taxes Net Income (26) 30 4 188 6 120 $ Th EXTRA CREDIT PRACTICE PROBLEMS FOR FINAL EX... Seved Help Income before taxes Income taxes Net income 19 188 68 120 1 The company's beginning cash balance was $138 and its ending balance was $113. Required: 1. Use the indirect method to determine the net cash provided by operating activities for the year. 2. Prepare a statement of cash flows for the year. points eBook Complete this question by entering your answers in the tabs below. Print References Required 1 Required 2 Use the Indirect method to determine the net cash provided by operating activities for the year. (Adjustment amounts that are to be deducted should be indicated with a minus sign.) Pavolik Company Statement of Cash Flows (partial) EXTRA CREDIT PRACTICE PROBLEMS FOR FINAL EX... Seved Required 1 Required 2 19 Use the Indirect method to determine the net cash provided by operating activities for the year. (Adjustment amounts that are to be deducted should be indicated with a minus sign.) Pavolik Company Statement of Cash Flows (partial) 1 points eBook Print References Required 2 > alt for fir. G REDIT PRACTICE PROBLEMS FOR FINAL EX... i Saved Required 1 Required 2 Prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negative amounts.) Pavolik Company Statement of Cash Flows Operating activities: ok Investing activities: ances Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents Required 1