Required information Problem 13-7 (Algo) Prepare a Statement of Cash Flows (LO13-1, LO13-2] [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 Year Last Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 17 293 152 9 471 516 (80) 436 24 $ 931 $ 12 229 195 5 441 437 (72) 365 31 $ 837 ces BE $ 301 71 72 444 199 643 163 125 288 $ 931 $ 225 79 64 368 171 539 202 96 299 $ 837 Weaver Company Income statement Weaver Company Income Statement For This Year Ended December 31 5 755 310 221 89 Cost of goods sold Gross margin Selling and administrative expenses Bet operating income Honoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net Income $5 12) 3 92 24 $ 6e During this year, Weaver sold some equipment for $19 that had cost $31 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. Weaver paid a cash dividend this year and the company repurchased $39 of its own stock. This year Weaver did not retire any bonds. Problem 13-7 Part 1 (Algo) 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.) $ 68 Weaver Company Statement of Cash Flows--Indirect Method (partial) Net Income (Adjustments to convert net income to a cash basis: Depreciation Gain on sale of investments Loss on sale of equipment Increase in accounts receivable Decrease in inventory Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable 0 68 $