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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 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 $ 17 $ 11
Accounts receivable 290 230
Inventory 156 194
Prepaid expenses 8 5
Total current assets 471 440
Property, plant, and equipment 511 433
Less accumulated depreciation (83 ) (70 )
Net property, plant, and equipment 428 363
Long-term investments 26 32
Total assets $ 925 $ 835
Liabilities and Stockholders' Equity
Accounts payable $ 302 $ 225
Accrued liabilities 72 79
Income taxes payable 71 64
Total current liabilities 445 368
Bonds payable 196 171
Total liabilities 641 539
Common stock 164 201
Retained earnings 120 95
Total stockholders equity 284 296
Total liabilities and stockholders' equity $ 925 $ 835

Weaver Company Income Statement For This Year Ended December 31
Sales $ 751
Cost of goods sold 450
Gross margin 301
Selling and administrative expenses 221
Net operating income 80
Nonoperating items:
Gain on sale of investments $ 6
Loss on sale of equipment (2 ) 4
Income before taxes 84
Income taxes 22
Net income $ 62

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 $12 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.

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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