Problem $13-7($Algo$)$ Prepare a Statement of Cash Flows $[$LO$13-1,$ LO$13-2]$

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Comparative financial statements for Weaver Company follow:

Weaver Company

Comparative Balance Sheet

at December $31$

This Year Last Year

Assets

Cash $ $-17$ $ $13$

Accounts receivable $335228$

Inventory $150195$

Prepaid expenses $86$

Total current assets $476442$

Property, plant, and equipment $510432$

Less accumulated depreciation $8071$

Net property, plant, and equipment $430361$

Long$-$term investments $2632$

Total assets $ $932$ $ $835$

Liabilities and Stockholders' Equity

Accounts payable $ $303$ $ $224$

Accrued liabilities $7178$

Income taxes payable $7363$

Total current liabilities $447365$

Bonds payable $199171$

Total liabilities $646536$

Common stock $164202$

Retained earnings $12297$

Total stockholders$$ equity $286299$

Total liabilities and stockholders' equity $ $932$ $ $835$

Weaver Company

Income Statement

For This Year Ended December $31$

Sales $ $750$

Cost of goods sold $448$

Gross margin $302$

Selling and administrative expenses $220$

Net operating income $82$

Nonoperating items:

Gain on sale of investments $ $6$

Loss on sale of equipment $(3)3$

Income before taxes $85$

Income taxes $22$

Net income $ $63$

During this year, Weaver sold some equipment for $$18$ that had cost $$31$ and on which there was accumulated depreciation of $$10.$ In addition, the company sold long$-$term investments for $$12$ that had cost $$6$ when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $$38$ of its own stock. This year Weaver did not retire any bonds.