Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment...

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Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation D=Decrease, I = Increase. Liabilities and Stockholders' Equity Accounts $50 $1101 Accounts payable Accrued liabilities $351 540 5780 Income taxes payable $81 $91 Bands payable $ 150 I $60 Common stock 5 185 Retained earnings $ 54 I $ 601 Long-term investments that cost the company $6 were sold during the year for $16 and land that cost $15 was sold for $9. In addition, the company declared and paid $30 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: Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Loss on sale of land 5700 409 200 184 115 $(6) 18 120 35 Gain on sale of investments Income before taxes Income taxes Net income The company's beginning cash balance was $90 and its ending balance was $85. 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. Complete this question by entering your answers in the tabs below. 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) Pavolik Company Statement of Cash Flows Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation D=Decrease, I = Increase. Liabilities and Stockholders' Equity Accounts $50 $1101 Accounts payable Accrued liabilities $351 540 5780 Income taxes payable $81 $91 Bands payable $ 150 I $60 Common stock 5 185 Retained earnings $ 54 I $ 601 Long-term investments that cost the company $6 were sold during the year for $16 and land that cost $15 was sold for $9. In addition, the company declared and paid $30 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: Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Loss on sale of land 5700 409 200 184 115 $(6) 18 120 35 Gain on sale of investments Income before taxes Income taxes Net income The company's beginning cash balance was $90 and its ending balance was $85. 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. Complete this question by entering your answers in the tabs below. 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) Pavolik Company Statement of Cash Flows Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents