Boehning Corporation's balance sheet and income statement appear below:
Comparative Balance Sheet |
|
|
| |
End Balance |
|
Beg Balance |
| |
|
|
|
| Assets: |
|
|
|
| Cash and cash equivalents |
25 |
|
22 |
| Accounts receivable |
53 |
|
48 |
| Inventory |
50 |
|
56 |
| Plant and equipment |
532 |
|
430 |
| Accumulated depreciation |
-285 |
|
-261 |
| Total assets |
375 |
|
295 |
| |
|
|
|
| |
|
|
|
| Liabilities and stockholders' equity: |
|
|
|
| Accounts payable |
39 |
|
38 |
| Wages payable |
20 |
|
24 |
| Taxes payable |
10 |
|
9 |
| Bonds payable |
71 |
|
100 |
| Deferred taxes |
15 |
|
19 |
| Common stock |
82 |
|
80 |
| Retained earnings |
138 |
|
25 |
| Total liabilities and stockholders' equity |
375 |
|
295 |
| |
|
|
|
| |
|
Income Statement |
|
| Sales |
|
$954 |
|
| Cost of goods sold |
|
606 |
|
| Gross margin |
|
348 |
|
| Selling and administrative expense |
|
162 |
|
| Net operating income |
|
186 |
|
| Gain on sale of plant and equipment |
|
10 |
|
| Income before taxes |
|
196 |
|
| Income taxes |
|
59 |
|
| Net income |
|
137 |
|
Cash dividends were $24. The company sold equipment for $ 10 that was originally purchased for $4 and that had accumulated depreciation of $4.
Required: Using the direct method, determine the net cash provided by (used by) operating activities.