Question
The most recent balance sheet and income statement of Oldaker Corporation appear below: Comparative Balance Sheet Ending Balance Beginning Balance Assets Cash and cash equivalents
The most recent balance sheet and income statement of Oldaker Corporation appear below:
Comparative Balance Sheet
| Ending Balance | Beginning Balance |
Assets |
|
|
Cash and cash equivalents | $31 | $29 |
Accounts receivable | 73 | 79 |
Inventory | 44 | 45 |
Property, plant, and equipment | 728 | 590 |
Less accumulated depreciation | 253 | 242 |
Total Assets | $623 | $501 |
Liabilities and stockholders equity | Ending Balance | Beginning Balance |
Accounts payable | $56 | $63 |
Accrued liabilities | 21 | 22 |
Income taxes payable | 26 | 28 |
Bonds payable | 121 | 110 |
Common stock | 33 | 30 |
Retained earnings | 366 | 248 |
Total liabilities and stockholders equity | 623 | 501 |
Income Statement | |
Sales | $921 |
Cost of goods sold | 575 |
Gross margin | 202 |
Selling and administrative expense | 167 |
Net operating income | 35 |
Income taxes | 15 |
Net income | $36 |
The company paid a cash dividend of $42 and it did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following question pertain to the company's statement of cash flows.
The net cash provided by (used in) operating activities for the year was:
$168
$8
$152
$229
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