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Required Information Problem 13-7 (Algo) Prepare a Statement of Cash Flows [L013-1. LO13-2] [The following information applies to the questions displayed below] Comparative financial statements for Weaver Company follow. Weaver Company ive Balance Sheet at December 31 This Year Last Year Assets Cash $ -24 $ 12 Accounts receivable 332 238 Inventory 152 195 Prepaid expenses 8 6 Total current assets 468 443 Property, plant, and equipment 583 429 Less accumulated depreciation 81 71 Net property, plant, and equipment 427 358 Long-term investments 28 34 Total assets $ 923 $ 835 Liabilities and Stockholders' Equity Accounts payable $ 301 $ 225 Accrued liabilities 73 78 Income taxes payable 75 65 Total current liabilities 449 368 Bonds payable 195 171 Total liabilities 644 539 Common stock 162 202 Retained earnings 117 94 Total stockholders' equity 279 296 Total liabilities and stockholders equity 923 $ 835 Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold $ 752 447 Gross margin 305 selling and administrative expenses 228 Net operating income 85 Nonoperating items : Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes 88 Net income $ 63 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 $12 that had cost $6 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. Problem 13-7 Part 2 (Algo) 2. Using the information from Part 1, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for this year. (List any deduction In cash and cash outflows as negative amounts.) Weaver Company statement of Cash Flows For This Year Ended December $1 Operating activities Investing activities