Question

Mattix Corporation's balance sheet and income statement appear below. Comparative Balance Sheet Ending Balance Beginning Balance $ 23 $ 22 39 43 587 359 $333 500 347 5259 Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders' equity: Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 38 $ 26 18 39 109 120 $333 $259 $972 Income Statement Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Gain on sale of equipment Income before taxes Income taxes Net income The company sold equipment for $20 that was originally purchased for $7 and that had accumulated depreciation of $1. It paid a cash dividend during the year and did not issue any bonds payable or repurchase any of its own common stock Required: Determine the net cash provided by (used in) operating activities for the year using the indirect method. Net cash provided by used in) operating activities < Prev 11 of 25 !!! Next >

Answer 1

The answer to the question is : net cash generated from operations     $132

net income                                                        $116

+ depreciation (359 - 347 + 1)                          $13

alterations in current assets:

+ decrease in accounts receivables                $1

+ decrease in inventory                                    $1

alterations in current liabilities:

+ increase in accounts payables                      $4

- decrease in accrued liabilities                      ($4)

+ increase in taxes payable                              $1  

net cash generated from operations     $132

                                                          ending    beginning

Assets

Cash and its substitutes                $ 23         $ 22

Payables receivable                      39               40

Inventory                                               43              44

Property, plant, and equipment         587            500

Lower total depreciation         359           347

Total assets $ 333 $ 259

Equity held by stockholders and liabilities:

Accounts payable                                 $ 30         $ 26

Accrued liabilities                                  15            18

Income taxes payable                           39          40

Bonds payable                                    109              120

Common stock                                     51                50

Retained earnings                                89               5

Equity held by stockholders and liabilities:  333       $ 259

Income Statement Sales     $ 972

Cost of goods sold             620

Gross margin             352

the cost of selling and administration    200

Net operating income         152

Gain on sale of equipment         14

Income before taxes    166

Income taxes       50

Net income       $ 116

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