3.B 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.
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.
File name: Boehning-Corporations.xls File type: application/vnd.ms-excel Price:
$7
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