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I've done part of the questions and pls fill the empty section and correct the answers if the answers are wrong. The following changes took
I've done part of the questions and pls fill the empty section and correct the answers if the answers are wrong.
The following changes took place last year in Pavolik Company's balance sheet accounts Asset and Contra Asset Accounts Liabilities and Equity Accounts 8 D Accounts payable Cash Accounts receivable S 12 I Accrued liabilities Inventory 34 D ncome taxes payable 17 Prepaid expenses s Bonds payable 108 Long-term investments 9 D Common stock Property, plant, equipment 215 I Retained earnings Accumulated depreciation D Decrease, Increase, Long-term investments that had cost the company $9 were sold during the year for land that had cost S21 was sold for $12. In addition, the company declared and paid $6 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 did not retire any bonds during the year or issue any new common stock The company's income statement for the year follows: Sales 660 Cost of goods sold 278 Gross margin 300 Selling and administrative expenses Net operating income Nonoperating items: Loss on sale of land 13 Gain on sale of investment Income before taxes Income taxes Net income The company's beginning cash balance was $104 and its ending balance was $96, Required: net cash provided by I used in operating activities for the year 1 Using the indirect method, determine the Step by Step Solution
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