Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 11 228 196 5 $ 22 291 160 9 482 514 (83) 431 27 $ 940 435 (72) 363 33 6836 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Leas 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 Bonda payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 302 70 74 198 644 165 131 296 $ 940 $225 78 64 367 171 538 201 97 298 $836 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 Logs on sale of equipment Income before taxes Income taxes Net income $754 446 308 221 87 67 (2) 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 $36 of its own stock. This year Weaver did not retire any bonds. 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.) Weaver Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash basis: $ 701 Gain on sale of investments Loss on sale of equipment Increase in accounts receivable Decrease in inventory Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable 0 70 Net cash provided by operating activities $