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	$	11
Accounts receivable		309		228
Inventory		160		196
Prepaid expenses		8		6
Total current assets		476		441
Property, plant, and equipment		507		427
Less accumulated depreciation		(86)		(71)
Net property, plant, and equipment		421		356
Long-term investments		28		34
Total assets	$	925	$	831
Liabilities and Stockholders' Equity
Accounts payable	$	302	$	224
Accrued liabilities		72		80
Income taxes payable		72		63
Total current liabilities		446		367
Bonds payable		197		171
Total liabilities		643		538
Common stock		161		201
Retained earnings		121		92
Total stockholders equity		282		293
Total liabilities and stockholders' equity	$	925	$	831

Weaver Company Income Statement For the Year Ended December 31, 2015
Sales			$	754
Cost of goods sold				448
Gross margin				306
Selling and administrative expenses				218
Net operating income				88
Nonoperating items:
Gain on sale of investments	$	6
Loss on sale of equipment		(1)		5
Income before taxes				93
Income taxes				24
Net income			$	69

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 $6 when purchased several years ago. A cash dividend was paid during 2015 and the company repurchased $40 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.

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.