Sawyer Corporation\'s balance sheet and income statement appear below Cash divid

Question

Sawyer Corporation's balance sheet and income statement appear below

  

    

Cash dividends were $17. The company sold equipment for $19 that was originally purchased for $11 and that had accumulated depreciation of $10.

Required:

Using the direct method, determine the net cash provided by operating activities. (Omit the "$" sign in your response.)

Please show work. Thank you.

Sawyer Corporation
Comparative Balance Sheet    Ending
Balance Beginning
Balance   Assets:   Cash and cash equivalents $ 34 $ 29   Accounts receivable 38 39   Inventory 45 60   Property, plant and equipment 490 390   Less accumulated depreciation 227 189   Total assets $ 380 $ 329   Liabilities and stockholders' equity:   Accounts payable $ 53 $ 39   Accrued liabilities 42 30   Income taxes payable 24 39   Bonds payable 65 85   Common stock 78 65   Retained earnings 118 71    Total liabilities and stockholders' equity $ 380 $ 329

Explanation / Answer

Answer:

Particulars Given amount Adjusted amount Sales 635 Adjustment to a cash bais: Decrease in accounts receivables 1 636 Cost of goods sold 399 Adjustment to a cash bais: Decrease in inventory -15 Increase in accounts payable -14 370 Selling and administrative expenses 153 Adjustment to a cash bais: Increase in accrued liabilities -12 Depreciation -38 103 Income taxes 37 Adjustment to a cash bais: Decrease in income taxes payable 15 52 Net cash provided by operating activities 111

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