Comparative financial statements for Weaver Company follow Wcaver Com Comparative Balance Sheet at December 31 This Year Last Year Assets $ 13 Cash 3 Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and cquipment Less accumulated depreciation Net property, plant, and equipnent Long-ters investments 318 228 160 196 6 481 443 510 430 (85 (72) 425 358 26 33 Tatal assets $932 $834 Liabilities and Stockholders Equity Accounts payable Accrued liabilities Income taxes payable 383 $226 72 77 73 63 Total current liabilities Bonds payable Total liabilitics 448 366 197 172 645 538 Cormon stock Retained earnings Total stockholders equity Total liabilities and stockholders equity 164 281 123 95 287 296 $ 932 $834 aver Com Income Statement For This Year Ended December 31 Sales $751 Cost of goods sold Gross margin Selling and administrative expenses 448 303 228 Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Incore before taxes 83 87 Income taxes 22 $ 65 Net income During this year, Weaver sold some equipment for $19 that had cost $31 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $13 that had cost $7 when purchased several years ago. Weaver paid a cosh dividend this year and the company repurchased $37 of its own stock. This year Weaver did not retire any bonds. Problem 14-7 Part 1 Required: 1 Using the indirect method, determine the net cash provided by/used in operating activities for this year. (List any deduction In cash and cash outflows as negatlve amounts.) Weaver Company Statement of Cash Flows-Indirect Method (partlal) Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold Gross rargin $751 448 303 Selling and administrative expenses Net aperating income- Nonoperating items: Gain on sale of investments Loss on sale of equipment 228 83 6 (2) Incore before taxes Incore taxes 27 $ 65 Net incoTO During this year, Weaver sold some equipment for $19 that had cost $31 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $13 that had cost $7 when purchased several years ago. Weaver paid a cosh dividend this year and the company repurchased $37 of its own stock. This year Weaver did not retire any bonds. Problem 14-7 Part 2 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. (LIst any deduction In cash and cash outflows as negative amounts.) Weaver Company Statement of Caah Flows For This Year Ended December 31 Operating activities: Investing activities Financing activities Beginning cash and cash equivalents Ending cash and cash equivalents