Question
Harvey Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents $ 34 $
Harvey Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents $ 34 $ 38 Accounts receivable 78 76 Inventory 42 43 Property, plant, and equipment 483 381 Less accumulated depreciation 202 180 Total assets $ 435 $ 358 Liabilities and stockholders' equity: Accounts payable $ 27 $ 29 Accrued liabilities 30 22 26 Income taxes payable 44 37 Bonds payable 131 187 Common stock 86 87 Retained earnings 117 -8 Total liabilities and stockholders' equity $ 435 $ 358 Income Statement Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Gain on sale of equipment Income before taxes $ 1,108 622 486 186 300 13 313 53 $ 260 Income taxes Net income Cash dividends were $135. The company sold equipment for $17 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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