Required information [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 $ 8 $ 12 Accounts receivable 307 229 Inventory 158 195 Prepaid expenses 9 6 Total current assets 482 442 Property, plant, and equipment 503 425 Less accumulated depreciation (85) (71) Net property, plant, and equipment 418 354 Long-term investments 28 34 Total assets $ 928 $830 Liabilities and Stockholders' Equity Accounts payable $ 303 $225 Accrued liabilities 70 78 Income taxes payable 74 63 Total current liabilities 447 366 Bonds payable 199 171 Total liabilities 646 537 Common stock 164 201 Retained earnings 118 92 Total stockholders' equity 282 293 Total liabilities and stockholders' equity $ 928 $830 oleelehe fles Weaver Company Income Statement Finn Thir Youn Ended December 31 Help Save 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 $ 753 447 306 222 84 $ 6 (3) 3 87 24 $ 63 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. Required: 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. (List any deduction in and cash outflows as negative amounts.) Weaver Company Statement of Cash Flows-Indirect Method (partial) Net Income Adjustments to convert contribution margin to a cash basis: Depreciation Loss on sale of equipment Gain on sale of investments Increase in accounts receivable Decrease in inventory Increase in prepaid expenses Increase in accounts payable Decrease in aconued liabilities Increase in income taxes payable 0 Net cash provided by operating activities $ 0 2. Using the information in (1) above, 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.) Weaver Company Statement of Cash Flows For This Year Ended December 31 Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents