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Harkey Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$ 35$ 37Accounts receivable7977Inventory4345Property, plant, and equipment487407Less
Harkey Corporation's balance sheet and income statement appear below:
Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$ 35$ 37Accounts receivable7977Inventory4345Property, plant, and equipment487407Less accumulated depreciation206179Total assets$ 438$ 387Liabilities and stockholders' equity: Accounts payable$ 27$ 30Accrued liabilities3026Income taxes payable4339Bonds payable122182Common stock8587Retained earnings13123Total liabilities and stockholders' equity$ 438$ 387
Income StatementSales$ 1,277Cost of goods sold664Gross margin613Selling and administrative expense184Net operating income429Gain on sale of equipment12Income before taxes441Income taxes50Net income$ 391
Cash dividends were $283. 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.
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