Posted: January 20th, 2016

hning Corporation’s balance sheet and income statement appear below:

hning Corporation’s balance sheet and income statement
appear below:
	Comparative Balance Sheet
	End Balance		Beg Balance

Assets:
Cash and cash equivalents	25		22
Accounts receivable	53		48
Inventory	50		56
Plant and equipment	532		430
Accumulated depreciation	-285		-261
Total assets	375		295


Liabilities and stockholders’ equity:
Accounts payable	39		38
Wages payable	20		24
Taxes payable	10		9
Bonds payable	71		100
Deferred taxes	15		19
Common stock	82		80
Retained earnings	138		25
Total liabilities and stockholders’ equity	375		295

		Income Statement
Sales		$954
Cost of goods sold		606
Gross margin		348
Selling and administrative expense		162
Net operating income		186
Gain on sale of plant and equipment		10
Income before taxes		196
Income taxes		59
Net income		137
Cash dividends were $24. The company sold equipment for $ 10 that was
originally purchased for $4 and that had accumulated depreciation of $4.
Required:
Using the direct method, deter -mine the net cash provided by
(used by) operating activities.

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