Kilduff Corporation's balance sheet and income statement appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$36 $38 Accounts receivable 36 32 Inventory 49 55 Property, plant and equipment 707 580 Less accumulated depreciation 316 315 Total assets$ 512 $ 390 Liabilities and stockholders' equity: Accounts payable$71 $64 Accrued liabilities 22 19 Income taxes payable 34 41 Bonds payable 71 100 Common stock 32 30 Retained earnings 282 136 Total liabilities and stockholders' equity$ 512 $ 390 Income StatementSales$ 1,174Cost of goods sold 771Gross margin403Selling and administrative expense 146Net operating income257Gain on sale of plant and equipment
14Income before taxes271Income taxes 81Net income$ 190The company sold equipment for $19 that was originally purchased for $10 and that had accumulated depreciation of $5. The company paid a cash dividend of $44 and it did not issue any bonds payable or repurchase any of its own common stock.The net cash provided by (used in) operating activities for the year was:
A. $231
B. $187
C. $257
D. $201
Answer: B
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