Required information Problem 14-7 Prepare a Statement of Cash Flows (LO14-1, LO14-2] (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 21 293 156 8 $ 12 231 195 6 444 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 478 506 (81) 425 25 427 (71) 356 31 $ 928 $831 " $ 305 72 74 451 199 $224 78 65 367 170 $ 928 $831 $ 305 72 74 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 451 199 650 161 117 278 $224 78 65 367 179 537 209 94 294 $ 928 $831 $ 751 448 303 221 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 82 $ 6 (3) 3 85 23 $ 62 303 221 82 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 ce $ 6 (3) 3 mos 85 23 $ 62 During this year, Weaver sold some equipment for $18 that had cost $31 and on which there accumulated depreciation of $10. In addition, the company sold long-term investments for $ cost $6 when purchased several years ago. Weaver paid a cash dividend this year and the repurchased $39 of its own stock. This year Weaver did not retire any bonds. Problem 14-7 Part 1 Required: he 1. Using the indirect method, determine the net cash provided by/used in operating activities for in cash and cash outflows as negative amounts.) Weaver Company Statement of Cash Flows-Indirect Method (partial) S Dros Next Required: 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. (List any de in cash and cash outflows as negative amounts.) Weaver Company Statement of Cash Flows-Indirect Method (partial) w C