Required Information Problem 15-7 (Algo) Prepare a Statement of Cash Flows [LO15-1, LO15-2] [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 $ 10 $ 11 294 228 151 195 9 5 464 439 512 433 (82) (78) 430 363 27 33 $ 921 $ 835 Liabilities and Stockholders' Equity Accounts payable $ 300 $ 224 Accrued liabilities 72 80 Income taxes payable 72 64 Total current liabilities 444 368 Bonds payable 199 171 Total liabilities 643 539 Common stock 160 201 Total stockholders' equity Retained earnings Total liabilities and stockholders' equity 118 95 278 296 $ 921 $ 835 Sales Cost of goods sold Weaver Company Income Statement For This Year Ended December 31 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 $ 755 448 387 222 85 $ 6 (3) 3 88 24 Net income $ 64 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 $41 of its own stock. This year Weaver did not retire any bonds.