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Harkey Corporation's balance sheet and income statement appear below: Assets: Comparative Balance Sheet Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment
Harkey Corporation's balance sheet and income statement appear below: Assets: Comparative Balance Sheet Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders' equity: Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Income Statement Ending Beginning Balance Balance $ 33 $ 36 78 74 43 45 465 381 202 172 $ 417 $ 364 $ 28 $ 31 30 27 43 39 128 177 88 86 100 4 $ 417 $ 364 Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Gain on sale of equipment Income before taxes Income taxes Net income $ 1,085 616 469 179 290 12 302 50 $ 252 Cash dividends were $156. The company sold equipment for $16 that was originally purchased for $6 and that had accumulated depreciation of $2. Required: Using the direct method, determine the net cash provided by (used in) operating activities. Net cash provided (used in) operating activities
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