Maloney Corporation's balance sheet and income statement appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$26 $22 Accounts receivable 44 49 Inventory 38 40 Property, plant and equipment 646 500 Less accumulated depreciation 273 260 Total assets$481 $351 Liabilities and stockholders' equity: Accounts payable$65 $64 Accrued liabilities 22 25 Income taxes payable 33 35 Bonds payable 72 70 Common stock 73 70 Retained earnings 216 87 Total liabilities and stockholders' equity$481 $351 Cash dividends were $42. The company did not dispose of any property, plant, and equipment during the year.Income Statement?Sales$1,059Cost of goods sold 698Gross
margin 361Selling and administrative expense 117Net operating income244Income taxes 73Net income $171Required:Prepare the operating activities section of the statement of cash flows using the direct method.
What will be an ideal response?
| Sales (as reported) | $1,059 | ? |
| Adjustments to a cash basis: | ? | ? |
| Decrease in accounts receivable ($44 - $49) | +5 | $1,064 |
| ? | ? | ? |
| Cost of goods sold (as reported) | 698 | ? |
| Adjustments to a cash basis: | ? | ? |
| Decrease in inventory ($38 - $40) | -2 | ? |
| Increase in accounts payable ($65 - $64) | -1 | 695 |
| ? | ? | ? |
| Selling and administrative expense (as reported) | 117 | ? |
| Adjustments to a cash basis: | ? | ? |
| Decrease in accrued liabilities ($22 - $25) | +3 | ? |
| Depreciation ($273 - $260) | -13 | 107 |
| ? | ? | ? |
| Income taxes | 73 | ? |
| Adjustments to a cash basis: | ? | ? |
| Decrease in income taxes payable ($33 - $35) | +2 | 75 |
| ? | ? | ? |
| Net cash provided by (used in) operating activities | ? | $187 |
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