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Smigel Corporation's balance sheet and income statement appear below:
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Smigel Corporation's
Balance Sheet
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Ending Balance
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Beginning
Balance
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Assets
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Cash and cash equivalents
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$
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24
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$
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25
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Accounts receivable
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58
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51
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Inventory
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61
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62
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Property, plant and equipment
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452
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430
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Less accumulated depreciation
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218
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185
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Total assets
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$
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377
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$
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383
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Liabilities and stockholders' equity:
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Accounts payable
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$
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63
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$
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56
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Accrued liabilities
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27
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23
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Income taxes payable
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39
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35
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Bonds payable
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59
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60
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Common stock
|
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53
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50
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Retained earnings
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136
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159
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Total liabilities and stockholders' equity
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$
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377
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$
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383
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Smigel Corporation's
Income Statement
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Sales
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$
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317
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Cost of goods sold
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210
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Gross margin
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107
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Selling and administrative expense
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144
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Net operating income
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(37)
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Gain on sale of equipment
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15
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Income before taxes
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(22)
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Income taxes
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0
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Net income
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$
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(22)
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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