Boehning 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.
