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 Last Year Year Assets $ 10 $ 13 Cash Accounts receivable 308 229 156 195 Inventory Prepaid expenses 8 Total current assets 482 442 Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments 515 435 (86) (71) 429 364 25 31 936 $837 Total assets Liabilities and Stockholders ' Equity Accounts payable Accrued 1iabilities $ 302 $224 71 78 Income taxes payable 65 73 Total current liabilities 446 367 Bonds payable 198 172 Total liabilities 644 539 Common stock 164 201 Retained earnings Total stockholders' equity 128 97 292 298 Total liabilities and stockholders' equity $837 936 Weaver Company Income Statement For This Year Ended December 31 Sales $755 Cost of goods sold Gross margin Selling and administrative expenses 447 308 221 Net operating income Nonoperating items: Gain on sale of investments 87 $ 6 Loss on sale of equipment (3) 3 Income before taxes 90 Income taxes 22 $68 Net income During this year, Weaver sold some equipment for $18 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 $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $37 of its own stock. This year Weaver did not retire any bonds. Weaver Company Statement of Cash Flows For This Year Ended December 31 Operating activities: Net cash provided by operating activities Investing activities: 0 Financing activities: 0 0 Beginning ca Ending cash and cash equivalents and cash equivalents 0