Question
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash and cash equivalents $
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash and cash equivalents $ 19 $ 13 Accounts receivable 291 230 Inventory 155 194 Prepaid expenses 9 6 Total current assets 474 443 Property, plant, and equipment 509 429 Less accumulated depreciation (81 ) (71 ) Net property, plant, and equipment 428 358 Long-term investments 29 35 Total assets $ 931 $ 836 Liabilities and Stockholders' Equity Accounts payable $ 305 $ 224 Accrued liabilities 71 78 Income taxes payable 71 64 Total current liabilities 447 366 Bonds payable 198 171 Total liabilities 645 537 Common stock 161 202 Retained earnings 125 97 Total stockholders equity 286 299 Total liabilities and stockholders' equity $ 931 $ 836 Weaver Company Income Statement For This Year Ended December 31 Sales $ 755 Cost of goods sold 446 Gross margin 309 Selling and administrative expenses 221 Net operating income 88 Nonoperating items: Gain on sale of investments $ 7 Loss on sale of equipment (3 ) 4 Income before taxes 92 Income taxes 23 Net income $ 69 During this year, Weaver sold some equipment for $18 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 $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $41 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.
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