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270 Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash S 19 S33 Accounts receivable 730 440 Inventory 205 Prepaid expenses 10 8 Total current assets 964 751 Property, plant, and equipment 750 640 Less accumulated depreciation 120 70 Net property, plant, and equipment 630 570 Long-term investments -2 54 Total assets S 1.592 $1,375 Liabilities and Stockholders' Equity Accounts payable S 460 S320 Accrued liabilities 60 70 Income taxes payable 91 84 Total current liabilities 611 474 Bonds payable 420 340 Total liabilities 1,031 814 Common stock 360 500 Retained earnings 201 61 Total stockholders' equity 561 561 Total liabilities and stockholders' equity S 1,592 $1,375 Weaver Company Income Statement For This Year Ended December 31 Sales S 940 Cost of goods sold 520 Gross margin 420 Selling and administrative expenses 203 Net operating income 217 Nonoperating items: Gain on sale of investments S6 Loss on sale of equipment 3) 3 Income before taxes 220 Income taxes 66 Net income $ 154 During this year. Weaver sold some equipment for $16 that had cost $55 and on which there was accumulated depreciation of $36. In addition, the company sold long-term investments for 562 that had cost $56 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $140 of its own stock. This year Weaver did not retire any bonds. Required: 1. Using the direct method, adjust the company's income statement for this year to a cash basis. Weaver Company Direct Method of Determining the Net Cash flows from Operating activities Adjustments to a cash basis 0 Adjustments to a cash basis Selling and administrative expenses Adjustments to a cash basis 0 Income taxes Adjustments to a cash basis s 2. Using the information obtained in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for this year. Weaver Company Statement of Cash Flows For This Year Ended December 31 Operating activities Cash received from customers Less cash disbursements for Total cash disbursements 0 . Investing activities Financing activities 0 Beginning cash and cash equivalents Ending cash and cash equivalents