Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 29 290 150 9 478 506 (80) 426 28 $ 11 231 196 5 443 428 (71) 357 34 $834 $ 932 Assets Cash 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 $ 301 70 73 444 199 643 164 125 289 $ 932 $225 78 64 367 170 537 201 96 297 $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 Loss on sale of equipment Income before taxes Income taxes Net income $ 752 445 307 222 85 $ 7 (3) 4 89 23 $ 66 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 $13 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. 2. Using the information from Part 1, 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.) Answer is not complete. Weaver Company Statement of Cash Flows For This Year Ended December 31 Operating activities Net cash provided by operating activities Investing activities: Additions to property, plant, and equipment Proceeds from sale of long-term investments Proceeds from sale of equipment 0 Financing activities: Issuance of bonds payable Repurchase of common stock Cash dividends paid 0 0 Net cash used in financing activities Net increase in cash Beginning cash and cash equivalents Ending cash and cash equivalents $ 0 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.) Answer is not complete. Weaver Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash basis: Depreciation 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 0 Net cash provided by operating activities > $