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 $ $-21$ $ $13$

Accounts receivable $339228$

Inventory $153195$

Prepaid expenses $86$

Total current assets $479442$

Property, plant, and equipment $513433$

Less accumulated depreciation $8172$

Net property, plant, and equipment $432361$

Long$-$term investments $2734$

Total assets $ $938$ $ $837$

Liabilities and Stockholders' Equity

Accounts payable $ $303$ $ $225$

Accrued liabilities $7379$

Income taxes payable $7464$

Total current liabilities $450368$

Bonds payable $198171$

Total liabilities $648539$

Common stock $164202$

Retained earnings $12696$

Total stockholders$$ equity $290298$

Total liabilities and stockholders' equity $ $938$ $ $837$

Weaver Company

Income Statement

For This Year Ended December $31$

Sales $ $752$

Cost of goods sold $446$

Gross margin $306$

Selling and administrative expenses $219$

Net operating income $87$

Nonoperating items:

Gain on sale of investments $ $6$

Loss on sale of equipment $(1)5$

Income before taxes $92$

Income taxes $24$

Net income $ $68$

During this year, Weaver sold some equipment for $$19$ that had cost $$30$ and on which there was accumulated depreciation of $$10.$ In addition, the company sold long$-$term investments for $$13$ that had cost $$7$ when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $$38$ of its own stock. This year Weaver did not retire any bonds.

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.$)$