Financial statements of Rukavina Corporation follow:
Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$76 $69 Accounts receivable 102 107 Inventory 76 77 Property, plant, and equipment 596 570 Less accumulated depreciation 298 285 Total assets$552 $538 Liabilities and stockholders' equity: Accounts payable$134 $103 Bonds payable 386 430 Common stock 102 101 Retained earnings (70) (96)Total liabilities and stockholders' equity$552 $538
Income StatementSales$730Cost of goods sold 511Gross margin 219Selling and administrative expense 146Net operating income 73Income taxes 22Net income$51
Cash dividends were $25. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.
The net cash provided by (used in) operating activities for the year was:
Net cash provided by... View the full answer