Question

Financial statements of Rukavina Corporation follow: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and...

Financial statements of Rukavina Corporation follow:

Comparative Balance Sheet
Ending Balance Beginning Balance
Assets:
Cash and cash equivalents $ 33 $ 37
Accounts receivable 54 59
Inventory 44 45
Property, plant, and equipment 436 410
Less accumulated depreciation 218 205
Total assets $ 349 $ 346
Liabilities and stockholders' equity:
Accounts payable $ 86 $ 71
Bonds payable 226 270
Common stock 86 85
Retained earnings (49 ) (80 )
Total liabilities and stockholders' equity $ 349 $ 346
Income Statement
Sales $ 570
Cost of goods sold 399
Gross margin 171
Selling and administrative expense 114
Net operating income 57
Income taxes 17
Net income $ 40

Cash dividends were $9. 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:

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Answer #1

The answer has been presented to the supporting sheet. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.

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