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Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ 21 $ 11
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ 21 $ 11 Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets 295 231 151 195 9 5 476 442 510 431 (82) (71) 428 360 26 32 $ 930 $ 834 Liabilities and Stockholders' Equity Accounts payable Accrued liabilities $ 303 73 $ 225 79 Income taxes payable 75 63 Total current liabilities 451 367 Bonds payable 195 171 Total liabilities 646 538 Common stock 164 202 Retained earnings 120 94 Total stockholders' equity 284 296 Total liabilities and stockholders' equity $ 930 $834 Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income $ 751 446 305 221 84 $6 (2) 4 88 24 $ 64 During this year, Weaver sold some equipment for $18 that had cost $30 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $12 that had cost $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $38 of its own stock. This year Weaver did not retire any bonds. 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 negative amounts.) Weaver Company Statement of Cash Flows-Indirect Method (partial)
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