Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ -28 $ 13 Accounts receivable 337 229 Inventory 153 195 Prepaid expenses 8 5 Total current assets 470 442 Property, plant, and equipment 506 426 Less accumulated depreciation 82 70 Net property, plant, and equipment 424 356 Long-term investments 29 35 Total assets $ 923 $ 833 Liabilities and Stockholders' Equity Accounts payable $ 300 $ 225 Accrued liabilities 72 79 Income taxes payable 72 63 Total current liabilities 444 367 Bonds payable 196 172 Total liabilities 640 539 Common stock 165 202 Retained earnings 118 92 Total stockholders’ equity 283 294 Total liabilities and stockholders' equity $ 923 $ 833 Weaver Company Income Statement For This Year Ended December 31 Sales $ 753 Cost of goods sold 447 Gross margin 306 Selling and administrative expenses 222 Net operating income 84 Nonoperating items: Gain on sale of investments $ 6 Loss on sale of equipment (2) 4 Income before taxes 88 Income taxes 25 Net income $ 63 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 $12 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. 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.)
Comparative financial statements for Weaver Company follow: Weaver Company Comparative
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