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Mattix Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents $ 23 $ 22
Mattix Corporation's balance sheet and income statement appear below:
Comparative Balance Sheet | ||
Ending Balance | Beginning Balance | |
---|---|---|
Assets: | ||
Cash and cash equivalents | $ 23 | $ 22 |
Accounts receivable | 39 | 40 |
Inventory | 43 | 44 |
Property, plant, and equipment | 587 | 500 |
Less accumulated depreciation | 359 | 347 |
Total assets | $ 333 | $ 259 |
Liabilities and stockholders' equity: | ||
Accounts payable | $ 30 | $ 26 |
Accrued liabilities | 15 | 18 |
Income taxes payable | 39 | 40 |
Bonds payable | 109 | 120 |
Common stock | 51 | 50 |
Retained earnings | 89 | 5 |
Total liabilities and stockholders' equity | $ 333 | $ 259 |
Income Statement | |
Sales | $ 972 |
---|---|
Cost of goods sold | 620 |
Gross margin | 352 |
Selling and administrative expense | 200 |
Net operating income | 152 |
Gain on sale of equipment | 14 |
Income before taxes | 166 |
Income taxes | 50 |
Net income | $ 116 |
The company sold equipment for $20 that was originally purchased for $7 and that had accumulated depreciation of $1. It paid a cash dividend during the year and did not issue any bonds payable or repurchase any of its own common stock.
Required:
Determine the net cash provided by (used in) operating activities for the year using the indirect method.
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