Comparative financial statements for Weaver Company follow:

Weaver Company

Comparative Balance Sheet

at December 31

This Year Last Year

Assets

Cashand cashequivalents $21 $13

Accounts receivable 294 229

Inventory 155 195

Prepaid expenses 9 6

Total current assets 479 443

Property, plant, and equipment 509 431

Less accumulated depreciation (81) (70)

Net property, plant, and equipment 428 361

Long-term investments 26 32

Total assets $933 $836

Liabilities and Stockholders' Equity

Accounts payable $301 $224

Accrued liabilities 73 79

Income taxes payable 72 65

Total current liabilities 446 368

Bonds payable 196 171

Total liabilities 642 539

Common stock 165 202

Retained earnings 126 95

Total stockholders' equity 291 297

Total liabilities and stockholders' equity $933 $836

Weaver Company

Income Statement

For This Year Ended December 31

Sales $751

Cost of goods sold 447

Gross margin 304

Selling and administrative expenses 219

Net operating income 85

Nonoperating items:

Gain on sale of investments $7

Loss on sale of equipment (2) 5

Income before taxes 90

Income taxes 22

Net income $68

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 $13 that had cost $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $37 of its own stock. This year Weaver did not retire any bonds.

Brewer_8e_Rechecks_2020_01_27

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.)

2. Using the information from Part 1, along with an analysis of the remaining balance sheet accounts, Write a statement of cash flows for this year.(List any deduction in cash and cash outflows as negative amounts.)