Weaver Company

Comparative Balance Sheet

at December $31$

This Year Last Year

Assets

Cash $ $-27$ $ $12$

Accounts receivable $338230$

Inventory $151196$

Prepaid expenses $96$

Total current assets $471444$

Property, plant, and equipment $503424$

Less accumulated depreciation $8171$

Net property, plant, and equipment $422353$

Long$-$term investments $2935$

Total assets $ $922$ $ $832$

Liabilities and Stockholders' Equity

Accounts payable $ $302$ $ $224$

Accrued liabilities $7079$

Income taxes payable $7263$

Total current liabilities $444366$

Bonds payable $197171$

Total liabilities $641537$

Common stock $162201$

Retained earnings $11994$

Total stockholders$$ equity $281295$

Total liabilities and stockholders' equity $ $922$ $ $832$

Weaver Company

Income Statement

For This Year Ended December $31$

Sales $ $750$

Cost of goods sold $447$

Gross margin $303$

Selling and administrative expenses $222$

Net operating income $81$

Nonoperating items:

Gain on sale of investments $ $7$

Loss on sale of equipment $(2)5$

Income before taxes $86$

Income taxes $22$

Net income $ $64$

During this year, Weaver sold some equipment for $$18$ that had cost $$30$ and on which there was accumulated depreciation of $$10.$ In addition, the company sold long$-$term investments for $$13$ that had cost $$6$ when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $$39$ of its own stock. This year Weaver did not retire any bonds.

Problem $13-7$ Part $1($Algo$)$

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.$)$