m 1 of 2 Required information Problem 14-7 Prepare a statement of Cash Flows [LO14-1, L014-2] {The following information applies to the questions displayed below] Comparative financial statements for Weaver Company follow Weaver Company Comparative Balance Sheet at December 31 This OOK Last $ 11 308 $ 12 228 156 o erence 484 506 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Les accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Acerued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $305 $ 224 Weaver Company Income statement For This Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments $ 7 Loss on sale of equipment Income before taxes Income taxes Het income (3 *** During this year, Weaver sold some equipment for $18 that had cost 531 and on which there was accumulated depreciation or $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 $38 of its own stock. This year Weaver did not retire any bonds. Problem 14-7 Part 1 $6 when purchased several years ago. Weaver pald a cash dividend this year and the company repurchased $38 of its own stock. This year Weaver did not retire any bonds. Problem 14-7 Part 1 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.) Weaver Company Statement of Cash Flows-Indirect Method (partial) repurchased $38 of its own stock. This year Weaver did not retire any bonds. Problem 14-7 Part 2 2. Using the information in (1) above, 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 31 Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents