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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 Balance $ 33 77 45 Net cash provided (used in) operating activities 452 204 $ 403 $ 27 29 44 132 87 84 $ 403 $ 1,097 658 439 176 263 11 274 50 $ 224 Beginning Balance $36 72 46 389 177 $366 $ 29 27 39 187 82 2 $366 Cash dividends were $142. The company sold equipment for $15 that was originally purchased for $6 and that had accumulated 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 Balance $ 33 77 45 Net cash provided (used in) operating activities 452 204 $ 403 $ 27 29 44 132 87 84 $ 403 $ 1,097 658 439 176 263 11 274 50 $ 224 Beginning Balance $36 72 46 389 177 $366 $ 29 27 39 187 82 2 $366 Cash dividends were $142. The company sold equipment for $15 that was originally purchased for $6 and that had accumulated depreciation of $2. Required: Using the direct method, determine the net cash provided by (used in) operating activities.

FINANCIAL ACCOUNTING
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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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 Balance $ 33 77 45 Net cash provided (used in) operating activities 452 204 $ 403 $ 27 29 44 132 87 84 $ 403 $ 1,097 658 439 176 263 11 274 50 $ 224 Beginning Balance $36 72 46 389 177 $366 $ 29 27 39 187 82 2 $366 Cash dividends were $142. The company sold equipment for $15 that was originally purchased for $6 and that had accumulated depreciation of $2. Required: Using the direct method, determine the net cash provided by (used in) operating activities.
Transcribed Image Text: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 Balance $ 33 77 45 Net cash provided (used in) operating activities 452 204 $ 403 $ 27 29 44 132 87 84 $ 403 $ 1,097 658 439 176 263 11 274 50 $ 224 Beginning Balance $36 72 46 389 177 $366 $ 29 27 39 187 82 2 $366 Cash dividends were $142. The company sold equipment for $15 that was originally purchased for $6 and that had accumulated depreciation of $2. Required: Using the direct method, determine the net cash provided by (used in) operating activities.
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