Smigel Corporation’s balance sheet and income statement appear below:

Smigel Corporation’s
Balance Sheet

Ending Balance

Beginning
Balance

Assets

Cash and cash equivalents

$

24

$

25

Accounts receivable

58

51

Inventory

61

62

Property, plant and equipment

452

430

Less accumulated depreciation

218

185

Total assets

$

377

$

383

Liabilities and stockholders’ equity:

Accounts payable

$

63

$

56

Accrued liabilities

27

23

Income taxes payable

39

35

Bonds payable

59

60

Common stock

53

50

Retained earnings

136

159

Total liabilities and stockholders’ equity

$

377

$

383

Smigel Corporation’s
Income Statement

Sales

$

317

Cost of goods sold

210

Gross margin

107

Selling and administrative expense

144

Net operating income

(37)

Gain on sale of equipment

15

Income before taxes

(22)

Income taxes

0

Net income

$

(22)

Cash dividends were $1. The company sold equipment for $15 that was originally purchased for $5 and that had accumulated depreciation of $5.

Required:

Determine the net cash provided by (used in) operating activities for the year using the indirect method