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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 $ 32 $ 11

Comparative financial statements for Weaver Company follow:

Weaver Company Comparative Balance Sheet at December 31
This Year Last Year
Assets
Cash $ 32 $ 11
Accounts receivable 293 231
Inventory 151 195
Prepaid expenses 8 6
Total current assets 484 443
Property, plant, and equipment 509 430
Less accumulated depreciation (82) (72)
Net property, plant, and equipment 427 358
Long-term investments 25 32
Total assets $ 936 $ 833
Liabilities and Stockholders' Equity
Accounts payable $ 303 $ 224
Accrued liabilities 73 77
Income taxes payable 74 64
Total current liabilities 450 365
Bonds payable 199 172
Total liabilities 649 537
Common stock 164 200
Retained earnings 123 96
Total stockholders equity 287 296
Total liabilities and stockholders' equity $ 936 $ 833

Weaver Company Income Statement For This Year Ended December 31
Sales $ 752
Cost of goods sold 450
Gross margin 302
Selling and administrative expenses 221
Net operating income 81
Nonoperating items:
Gain on sale of investments $ 6
Loss on sale of equipment (1) 5
Income before taxes 86
Income taxes 23
Net income $ 63

During this year, Weaver sold some equipment for $19 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 $7 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $36 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.)

image text in transcribed

Weaver Company Statement of Cash Flows-Indirect Method (partial) $ 0 0

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