Comparative financial statements for Weaver Company follow:

Weaver Company
Income Statement
For This Year Ended December 31

During this year, Weaver sold some equipment for $20 that had cost $40 and on which there was accumulated depreciation of $16. In addition, the company sold long-term investments for $10 that had cost $3 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $40 of its own stock. This year Weaver did not retire any bonds.

Required:

1. Using the indirect method, determine the net cash provided by operating activities for this year.

2. Using the information in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for this year.

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Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets $ 15 Cash and cash equivalents.. Accounts receivable 340 240 Inventory .... Prepaid expenses 125 175 10 Total current assets 484 436 610 Property, plant, and equipment Less accumulated depreciation 470 93 85 Net property, plant, and equipment 517 385 Long-term investments 16 19 Total assets $1,017 $840 Liabilities and Stockholders' Equity Accounts payable .... $ 310 $230 Accrued liabilities 60 72 Income taxes payable 40 34 Total current liabilities 410 336 Bonds payable 290 180 Total liabilities 700 516 Common stock .. 210 250 Retained earnings 107 74 Total stockholders' equity 317 324 Total liabilities and stockholders' equity ...... $1,017 $840