Question
Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet
Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash $ 56,200 $ 66,950 Accounts receivable 47,100 50,600 Inventory 63,200 57,500 Property, plant, and equipment 171,000 161,000 Less accumulated depreciation (57,000) (40,250) Total assets $ 280,500 $ 295,800 Accounts payable $ 36,800 $ 65,500 Income taxes payable 28,700 33,800 Bonds payable 69,000 57,500 Common stock 80,500 69,000 Retained earnings 65,500 70,000 Total liabilities and stockholders equity $ 280,500 $ 295,800 During the year Ravenna paid a $6,900 cash dividend and it sold a piece of equipment for $3,450 that had originally cost $7,200 and had accumulated depreciation of $4,800. The company did not retire any bonds or repurchase any of its own common stock during the year. Required: What is the companys net cash provided by (used in) financing activities? (Input the amount as positive value.) Net cash _____ financing activities $ __
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