Required information Problem 13-7 Prepare a statement of Cash Flows (L013-1, L013-2] [The following information applies to the questions displayed below.) Comparative financial statements for Weaver Company follow: Comparative Balance Sheet at December 31 This Year Last Year $ 24 292 155 8 479 509 (80) 429 27 $ 935 $ 12 228 196 6 442 430 (71) 359 34 $ 835 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment ss 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 $ 304 $ 224 77 64 365 172 74 449 200 649 163 123 286 202 96 298 $ 835 $ 935 $ 754 449 305 220 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 $ Loss on sale of equipment Income before taxes Income taxes Net income 5 (2) $ 66 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 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) Problem 13-7 Part 2 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.) Required information rur is real cmueu veuem er JE Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents