Top Posters
Since Sunday
o
2
1
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
yandy yandy
wrote...
Go to Answer
Posts: 135
Rep: 0 0
A year ago

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

Comparative Balance Sheet
Ending BalanceBeginning Balance
Assets:
Cash and cash equivalents$ 23$ 22
Accounts receivable3940
Inventory4344
Property, plant, and equipment587500
Less accumulated depreciation359347
Total assets$ 333$ 259
Liabilities and stockholders' equity:
Accounts payable$ 30$ 26
Accrued liabilities1518
Income taxes payable3940
Bonds payable109120
Common stock5150
Retained earnings895
Total liabilities and stockholders' equity$ 333$ 259

Income Statement
Sales$ 972
Cost of goods sold620
Gross margin352
Selling and administrative expense200
Net operating income152
Gain on sale of equipment14
Income before taxes166
Income taxes50
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.

Textbook 
Introduction to Managerial Accounting: Brewer Edition: 9e

Introduction to Managerial Accounting: Brewer Edition: 9e


Edition: 9th
Authors:
Read 59 times
1 Reply
Replies
Answer verified by a subject expert
KFordKFord
wrote...
#1
Posts: 128
Rep: 1 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

yandy Author
wrote...

A year ago
Brilliant ツ
Liarec
wrote...

Yesterday
This calls for a celebration Person Raising Both Hands in Celebration
lubennick
wrote...

2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  992 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 552
  
 7997
  
 1639