Required information Problem 14-7 Prepare a Statement of Cash Flows [LO14-1, LO14-2) The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow.: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment $ 15 24 175 340 125 10 484 610 93 517 16 $1,017 436 47 85 38 Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets 19 $ 84 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 1liabilities and stockholders' equity $ 310 60 4 0 410 290 700 210 107 317 $1,017 $ 23 72 3 336 18 516 25 74 32 $ 840 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: $ 800 500 300 213 87 Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income 3 90 27 $ 63 During this year, Weaver sold some equipment for $20 that had cost $40 and on which there was accumulated depreciation of $16. In addition, the company sold long-term investments for $10 that had cost $3 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $40 of its own stock. This year Weaver did not retire any bonds. Required: 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. List any deduction in cash outflows as negative amounts.) Weaver Company Statement of Cash Flows-Indirect Method (partial) 0 0 2. Using the information in (1) above, 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.) Weaver Company Statement of Cash Flows For This Year Ended December 31 Operating activities: Investing activities: 0 Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents