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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
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 13 230 as Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment 309 159 195 Less accumulated depreciation Net property, plant, and equipment Long-term investments 485 509 86 423 26 430 72 358 Total assets 934 $835 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 304 $225 79 64 368 74 449 200 649 163 122 285 539 200 96 296 $835 Total liabilities and stockholders' equity $934 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: $753 449 304 82 Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes 86 23 $ 63 Net income During this year, Weaver sold some equipment for $19 that had cost $30 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 $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 cash and cash outflows as negative amounts.)
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