Problem 13-7 (Static) Prepare a Statement of Cash Flows [LO13-1, LO13-2] Skip to question [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 Year Last Year Assets Cash $ 9 $ 15 Accounts receivable 340 240 Inventory 125 175 Prepaid expenses 10 6 Total current assets 484 436 Property, plant, and equipment 610 470 Less accumulated depreciation 93 85 Net property, plant, and equipment 517 385 Long-term investments 16 19 Total assets $ 1,017 $ 840 Liabilities and Stockholders' Equity Accounts payable $ 310 $ 230 Accrued liabilities 60 72 Income taxes payable 40 34 Total current liabilities 410 336 Bonds payable 290 180 Total liabilities 700 516 Common stock 210 250 Retained earnings 107 74 Total stockholders equity 317 324 Total liabilities and stockholders' equity $ 1,017 $ 840 Weaver Company Income Statement For This Year Ended December 31 Sales $ 800 Cost of goods sold 500 Gross margin 300 Selling and administrative expenses 213 Net operating income 87 Nonoperating items: Gain on sale of investments $ 7 Loss on sale of equipment (4) 3 Income before taxes 90 Income taxes 27 Net income $ 63 During this year, Weaver sold some equipment for $20 that had cost $40 and on which there was accumulated depreciation of $16. In addition, the company sold long-term investments for $10 that had cost $3 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. 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.)