The following changes took place last year in Pavolik Companys balance sheet accounts:

Long-term investments that had cost the company $19 were sold during the year for $42, and land that had cost $41 was sold for $22. In addition, the company declared and paid $16 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. Pavolik did not retire any bonds during the year or issue any new common stock.

The companys income statement for the year follows:

The companys beginning cash balance was $124 and its ending balance was $106.

Required:

1. Using the indirect method, determine the net cash provided by / used in operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.)

2. Prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negative amounts.)

The following changes took place last year in Pavolik Company's balance sheet accounts: Liabilities and Equity Accounts Asset and Contra-Asset Accounts Cash 18 D Accounts payable 56 22 l Accrued liabilities Accounts receivable 22 D 54 D ncome taxes payable 27 I Inventory 188 I Prepaid expenses 17 Bonds payable Long-term investments 19 D Common stock 88 D Property, plant, and equipment 365 l Retained earnings 76 I Accumulated depreciation 76 D Decrease; I Increase. Long-term investments that had cost the company $19 were sold during the year for $42, and land that had cost $41 was sold for $22. In addition, the company declared and paid $16 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. Pavolik did not retire any bonds during the year or issue any new common stock. The company's income statement for the year follows: Sales 960 Cost of goods sold 418 Gross margin 542 Selling and administrative expenses 400 Net operating income 142 Nonoperating items: (19) Loss on sale of land Gain on sale of investment 23 Income before taxes 146 Income taxes 92 Net income The company's beginning cash balance was $124 and its ending balance was $106. Required 1. Using the indirect method, determine the net cash provided by used in operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.)