The most recent balance sheet and income statement of Penaloza Corporation appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets:      Cash and cash equivalents$47 $39 Accounts receivable 49  55 Inventory 36  39 Property, plant, and equipment 474  370 Less accumulated depreciation 250  218 Total assets$356 $285 Liabilities and stockholders' equity:      Accounts payable$36 $35 Accrued liabilities 27  25 Income taxes payable 36  44 Bonds payable 88  80 Common stock 45  40 Retained earnings 124  61 Total liabilities and equity$356 $285 Income Statement?Sales$773Cost of goods sold468Gross margin305Selling and administrative expense189Net operating income116Income taxes35Net income$81The company paid a cash

dividend of $18. It did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.The net cash provided by (used in) operating activities for the year was:

A. $116
B. $117
C. $36
D. $45


Answer: B

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