### Harkey Corporation's Financial Statements #### Comparative Balance Sheet| Assets | Ending Balance | Beginning Balance ||--------------------------------------|----------------|-------------------|| Cash and cash equivalents | $34 | $37 || Accounts receivable | $80 | $77 || Inventory | $44 | $46 || Property, plant, and equipment | $483 | $392 || Less accumulated depreciation | $213 | $180 || **Total assets** | $428 | $372 || Liabilities and stockholders' equity | | ||--------------------------------------|----------------|-------------------|| Accounts payable | $27 | $29 || Accrued liabilities | $30 | $26 || Income taxes payable | $41 | $37 || Bonds payable | $132 | $180 || Common stock | $85 | $87 || Retained earnings | $113 | $13 || **Total liabilities and stockholders' equity**| $428 | $372 |#### Income Statement| | ||--------------------------------|----------|| Sales | $1,090 || Cost of goods sold | $640 || **Gross margin** | $450 || Selling and administrative expense | $179 || **Net operating income** | $271 || Gain on sale of equipment | $10 || **Income before taxes** | $281 || Income taxes | $49 || **Net income** | $232 |Cash dividends were $132. The company sold equipment for $15 that was originally purchased for $7 and that had accumulated depreciation of $2.#### Required:Using the direct method, determine the net cash provided by (used in) operating activities.**Net cash provided (used in) operating activities:**[Answer Box]

According to the question given, we need to determine the net cash used in operating activities.Cash…

Harkey Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders' equity: Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Sales Cost of goods sold Gross margin Income Statement Selling and administrative expense Net operating income Gain on sale of equipment Income before taxes Income taxes Net income Ending Beginning Balance Balance $ 34 80 Net cash provided (used in) operating activities 44 483 213 $ 428 $ 27 30 41 132 85 113 $ 428 $ 1,090 640 450 179 271 10 281 49 $ 232 $ 37 77 46 392 180 $ 372 $ 29 26 37 180 87 13 $ 372 Cash dividends were $132. The company sold equipment for $15 that was originally purchas depreciation of $2. Required: Using the direct method, determine the net cash provided by (used in) operating activities.

Harkey Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders' equity: Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Sales Cost of goods sold Gross margin Income Statement Selling and administrative expense Net operating income Gain on sale of equipment Income before taxes Income taxes Net income Ending Beginning Balance Balance $ 34 80 Net cash provided (used in) operating activities 44 483 213 $ 428 $ 27 30 41 132 85 113 $ 428 $ 1,090 640 450 179 271 10 281 49 $ 232 $ 37 77 46 392 180 $ 372 $ 29 26 37 180 87 13 $ 372 Cash dividends were $132. The company sold equipment for $15 that was originally purchas depreciation of $2. Required: Using the direct method, determine the net cash provided by (used in) operating activities.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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