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 $ 57 $ 55
Accounts receivable 81 86
Inventory 62 63
Property, plant, and equipment 526 500
Less accumulated depreciation 263 250
Total assets $ 463 $ 454
Liabilities and stockholders' equity:
Accounts payable $ 113 $ 89
Bonds payable 316 360
Common stock 95 94
Retained earnings (61 ) (89 )
Total liabilities and stockholders' equity $ 463 $ 454
Income Statement
Sales $ 660
Cost of goods sold 462
Gross margin 198
Selling and administrative expense 132
Net operating income 66
Income taxes 20
Net income $ 46

Cash dividends were $18. 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:

Homework Answers

Answer #1
Cash flows from operating activities
Net Income   $ 46
Adjustments to reconcile net income to ;
Depreciation expense $ 13
Changes in current operating assets and liabilities
Decrease in accounts receivable $    5
Decrease in inventories $    1
Increase in accounts payable $ 24
$ 43
Net cash provided by operating activities $ 89

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