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Mattix Corporation's balance sheet and income statement appear below:

	Ending Balance	Beginning Balance
Comparative Balance Sheet
Assets:
Cash and cash equivalents	$ 23	$ 22
Accounts receivable	39	40
Inventory	43	44
Property, plant, and equipment	587	500
Less accumulated depreciation	359	347
Total assets	$ 333	$ 259
Liabilities and stockholders' equity:
Accounts payable	$ 30	$ 26
Accrued liabilities	15	18
Income taxes payable	39	40
Bonds payable	109	120
Common stock	51	50
Retained earnings	89	5
Total liabilities and stockholders' equity	$ 333	$ 259

Income Statement
Sales	$ 972
Cost of goods sold	620
Gross margin	352
Selling and administrative expense	200
Net operating income	152
Gain on sale of equipment	14
Income before taxes	166
Income taxes	50
Net income	$ 116

The company sold equipment for $20 that was originally purchased for $7 and that had accumulated depreciation of $1. It paid a cash dividend during the year and did not issue any bonds payable or repurchase any of its own common stock.

Required:

Determine the net cash provided by (used in) operating activities for the year using the indirect method.

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Other Fields Homework Help Accounting Topic started by: yandy on Jul 24, 2023