Use the following to answer questions Q38-Q40:

Financial statements of Ansbro Corporation follow:

Comparative Balance Sheet

Ending Balance Beginning Balance

Assets:

Cash and cash equivalent $30 $27

Account receivable 79 70

Inventory 40 37

PPE 498 460

Less: accumulated depreciation (322) (297)

Total Assets $325 $297

Liabilities and Stockholders' Equity:

Account payable $47 $58

Bonds payable 134 140

Common stock 73 70

Retained earnings 71 29

Total Liabilities and Equity $325 $297

Income Statement

Sales ---------------------------------------- $715

Cost of goods sold ------------------------ 466

Gross margin ------------------------------- 249

Selling and administrative expense ----- 169

Net operating income --------------------- 80

Income taxed ------------------------------- 24

Net income --------------------------------- $56

Cash dividends were $14. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.

The net cash provided by (used in) operating activities for the year was:

	a.	$54
	b.	$80
	c.	$58
	d.	$2