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Harkey Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents $ 35 $ 36
Harkey Corporation's balance sheet and income statement appear below:
Comparative Balance Sheet | ||
---|---|---|
Ending Balance | Beginning Balance | |
Assets: | ||
Cash and cash equivalents | $ 35 | $ 36 |
Accounts receivable | 75 | 77 |
Inventory | 42 | 46 |
Property, plant, and equipment | 456 | 403 |
Less accumulated depreciation | 204 | 180 |
Total assets | $ 404 | $ 382 |
Liabilities and stockholders' equity: | ||
Accounts payable | $ 27 | $ 31 |
Accrued liabilities | 30 | 27 |
Income taxes payable | 44 | 39 |
Bonds payable | 132 | 173 |
Common stock | 89 | 85 |
Retained earnings | 82 | 27 |
Total liabilities and stockholders' equity | $ 404 | $ 382 |
Income Statement | |
---|---|
Sales | $ 1,282 |
Cost of goods sold | 640 |
Gross margin | 642 |
Selling and administrative expense | 176 |
Net operating income | 466 |
Gain on sale of equipment | 10 |
Income before taxes | 476 |
Income taxes | 50 |
Net income | $ 426 |
Cash dividends were $371. The company sold equipment for $15 that was originally purchased for $7 and that had accumulated depreciation of $2.
Required:
Using the direct method, determine the net cash provided by (used in) operating activities.
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