Problem 12-7A Prepare a Statement of Cash Flows [LO12-1, LO12-2]

[The following information applies to the questions displayed below.]

Comparative financial statements for Weaver Company follow:

Weaver Company Comparative Balance Sheet December 31, 2015 and 2014
	2015		2014
Assets
Cash	$	1	$	12
Accounts receivable		310		229
Inventory		156		194
Prepaid expenses		9		6
Total current assets		476		441
Property, plant, and equipment		513		433
Less accumulated depreciation		(85)		(71)
Net property, plant, and equipment		428		362
Long-term investments		24		31
Total assets	$	928	$	834
Liabilities and Stockholders' Equity
Accounts payable	$	304	$	225
Accrued liabilities		71		79
Income taxes payable		73		63
Total current liabilities		448		367
Bonds payable		196		171
Total liabilities		644		538
Common stock		163		201
Retained earnings		121		95
Total stockholders equity		284		296
Total liabilities and stockholders' equity	$	928	$	834

Weaver Company Income Statement For the Year Ended December 31, 2015
Sales			$	751
Cost of goods sold				448
Gross margin				303
Selling and administrative expenses				220
Net operating income				83
Nonoperating items:
Gain on sale of investments	$	5
Loss on sale of equipment		(1)		4
Income before taxes				87
Income taxes				23
Net income			$	64

During 2015, 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 $12 that had cost $7 when purchased several years ago. A cash dividend was paid during 2015 and the company repurchased $38 of its own stock. Weaver did not retire any bonds during 2015.

Required:
1.	Using the indirect method, determine the net cash provided by/used by operating activities for 2015. (Negative amount should be entered with a minus sign.)

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 2015. (List any deduction in cash and cash outflows as negative amounts.)