Requireu TIULIUI Problem 13-7 Prepare a Statement of Cash Flows (LO13-1, LO13-2] [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 $ 12 230 196 5 $ 11 298 156 9 474 506 (85) 421 28 $ 923 443 426 (70) 356 35 $ 834 Assets Cash and cash equivalents 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 Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 302 72 72 446 197 643 161 119 280 $ 923 $225 79 65 369 171 540 201 93 294 $834 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 $ 6 Loss on sale of equipment _(2) Income before taxes Income taxes Net income $ 751 445 306 220 86 90 24 $ 66 During this year, Weaver sold some equipment for $19 that had cost $31 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $13 that had cost $7 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $40 of its own stock. This year Weaver did not retire any bonds. Weaver Company Statement of Cash Flows For This Year Ended December 31 132 Operating activities: Net cash provided by operating activities Investing activities: Proceeds from sale of equipment Gain on sale of investments Additions to property, plant, and equipment $ 19 13 Financing activities: 164 Beginning cash and cash equivalents Ending cash and cash equivalents $ 164