Comparative financial statements for Weaver Company follow: Weaver Company
Comparative Balance Sheet
December 31, 2015 and 2014
2015 2014
Assets
Cash $ 15 $ 12
Accounts receivable 306 229
Inventory 156 194
Prepaid expenses 8 6
Total current assets 485 441
Property, plant, and equipment 507 428
Less accumulated depreciation (85) (70)
Net property, plant, and equipment 422 358
Long-term investments 27 33
Total assets $ 934 $ 832
Liabilities and Stockholders' Equity
Accounts payable $ 304 $ 224
Accrued liabilities 73 77
Income taxes payable 75 64
Total current liabilities 452 365
Bonds payable 196 172
Total liabilities 648 537
Common stock 164 201
Retained earnings 122 94
Total stockholders’ equity 286 295
Total liabilities and stockholders' equity $ 934 $ 832
Weaver Company
Income Statement
For the Year Ended December 31, 2015
Sales $ 753
Cost of goods sold 448
Gross margin 305
Selling and administrative expenses 220
Net operating income 85
Nonoperating items:
Gain on sale of investments $ 7
Loss on sale of equipment (2) 5
Income before taxes 90
Income taxes 25
Net income $ 65
During 2015, 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 $13 that had cost $6 when purchased several years ago. A cash dividend was paid during 2015 and the company repurchased $37 of its own stock. Weaver did not retire any bonds during 2015.
Required:
1. Using the indirect method, determine the net cash provided by operating activities for this year.
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.