Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash 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 Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity This Year Last Year $9 $ 15 348 248 125 175 10 6 484 436 610 478 93 85 517 385 16 19 $ 1,017 $ 848 $ 310 $ 230 60 72 40 34 410 336 298 188 700 516 218 250 107 74 317 324 $ 1,017 $ 840 Weaver Company Income Statement For This Year Ended December 31 Sales $ 800 Cost of goods sold see Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments 300 213 87 Loss on sale of equipment $7 (4) 3 90 27 $ 63 Income before taxes Income taxes Net income 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: Using the indirect method, determine the net cash provided by/used in operating activities for this year. (List any deduction in cash utflows as negative amounts.) For This Year Ended December 31 Sales $ 800 Cost of goods sold, 500 Gross margin Selling and administrative expenses Net operating income. Nonoperating items: Gain on sale of investments: 300 213 87 $7 Loss on sale of equipment 3 90 27 $ 63 Income before taxes Income taxes Net income 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/used in operating activities for this year. (List any deduction in cash outflows as negative amounts.) Weaver Company Statement of Cash Flows-Indirect Method (partial) 12