Solution-Determine net cash provided by used in operating

Determine net cash provided by used in operating activities

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Reference no: EM13546344

Smigel Corporation's balance sheet and income statement appear below:

Smigel Corporation's Balance Sheet
	Ending Balance		Beginning Balance
Assets
Cash and cash equivalents	$	24	$	25
Accounts receivable		58		51
Inventory		61		62
Property, plant and equipment		452		430
Less accumulated depreciation		218		185

Total assets	$	377	$	383

Liabilities and stockholders' equity:
Accounts payable	$	63	$	56
Accrued liabilities		27		23
Income taxes payable		39		35
Bonds payable		59		60
Common stock		53		50
Retained earnings		136		159

Total liabilities and stockholders' equity	$	377	$	383

Smigel Corporation's Income Statement
Sales	$	317
Cost of goods sold		210

Gross margin		107
Selling and administrative expense		144

Net operating income		(37)
Gain on sale of equipment		15

Income before taxes		(22)
Income taxes		0

Net income	$	(22)

Cash dividends were $1. The company sold equipment for $15 that was originally purchased for $5 and that had accumulated depreciation of $5.

Required:

Determine the net cash provided by (used in) operating activities for the year using the indirect method

Reference no: EM13546344

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Determine net cash provided by used in operating activities

Reference no: EM13546344

Reference no: EM13546344

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