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

Asset and Contra-Asset Accounts				Liabilities and Stockholders' Equity Accounts
Cash	$	7	D	Accounts payable	$	23	I
Accounts receivable	$	11	I	Accrued liabilities	$	11	D
Inventory	$	32	D	Income taxes payable	$	16	I
Prepaid expenses	$	6	I	Bonds payable	$	100	I
Long-term investments	$	8	D	Common stock	$	44	D
Property, plant, and equipment	$	200	I	Retained earnings	$	43	I
Accumulated depreciation	$	43	I

D = Decrease; I = Increase.

Long-term investments that cost the company $8 were sold during the year for $20 and land that cost $19 was sold for $11. In addition, the company declared and paid $5 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:

Sales					$	630
Cost of goods sold						264
Gross margin						366
Selling and administrative expenses						290
Net operating income						76
Nonoperating items:
Loss on sale of land	$	(8	)
Gain on sale of investments		12				4
Income before taxes						80
Income taxes						32
Net income					$	48

The companys beginning cash balance was $102 and its ending balance was $95.

Required:

Prepare a statement of cash flows for the year.

Pavolik Company
Statement of Cash Flows
Operating activities:
Investing activities:
		0
Financing activities:
		0
		0
Beginning cash and cash equivalents
Ending cash and cash equivalents		$0