Belk Corporation's balance sheet appears below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$27 $29 Accounts receivable 30 26 Inventory 65 61 Property, plant, and equipment 500 390 Less accumulated depreciation 178 160 Total assets$444 $346 Liabilities and stockholders' equity: Accounts payable$46 $43 Accrued liabilities 23 24 Income taxes payable 46 47 Bonds payable 78 90 Common stock 34 30 Retained earnings 217 112 Total liabilities and equity$444 $346 The net income for the year was $126. Cash dividends were $21. The company did not dispose of any property, plant, and equipment, issue any bonds payable, or repurchase any of its own common stock during the
year.Required:Prepare a statement of cash flows in good form using the indirect method.
What will be an ideal response?
| ? | ? | ? |
| Net income | ? | $126 |
| Adjustments to convert net income to a cash basis: | ? | ? |
| Depreciation ($178 - $160) | $18 | ? |
| Increase in accounts receivable ($30 - $26) | (4) | ? |
| Increase in inventory ($65 - $61) | (4) | ? |
| Increase in accounts payable ($46 - $43) | 3 | ? |
| Decrease in accrued liabilities ($23 - $24) | (1) | ? |
| Decrease in income taxes payable ($46 - $47) | (1) | 11 |
| Net cash provided by (used in) operating activities | ? | 137 |
| Investing activities: | ? | ? |
| Purchase of property, plant, and equipment ($500 - $390) | (110) | ? |
| Net cash provided by (used in) investing activities | ? | (110) |
| Financing activities: | ? | ? |
| Repaying principal on bonds payable ($78 - $90) | (12) | ? |
| Issuance of common stock ($34 - $30) | 4 | ? |
| Paying a dividend | (21) | ? |
| Net cash provided by (used in) financing activities | ? | (29) |
| Net decrease in cash and cash equivalents | ? | (2) |
| Beginning cash and cash equivalents | ? | 29 |
| Ending cash and cash equivalents | ? | $27 |
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