Need help please. Problem 12-7A Prepare a Statement of Cash Flows [LO12-1, LO12-2] [The following…

Need help please.

Problem 12-7A Prepare a Statement of Cash Flows [LO12-1, LO12-2]

[The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Weaver Company
Comparative Balance Sheet
December 31, 2015 and 2014 2015 2014   Assets   Cash $ 7     $ 11       Accounts receivable 308     230       Inventory 160     194       Prepaid expenses 9     5       Total current assets 484     440       Property, plant, and equipment 514     434           Less accumulated depreciation (85)    (71)      Net property, plant, and equipment 429     363       Long-term investments 23     30       Total assets $ 936     $ 833       Liabilities and Stockholders’ Equity   Accounts payable $ 301     $ 225       Accrued liabilities 72     79       Income taxes payable 74     64       Total current liabilities 447     368       Bonds payable 197     170       Total liabilities 644     538       Common stock 165     202       Retained earnings 127     93       Total stockholders’ equity 292     295       Total liabilities and stockholders’ equity $ 936     $ 833     Weaver Company
Income Statement
For the Year Ended December 31, 2015   Sales $ 754     Cost of goods sold 446     Gross margin 308     Selling and administrative expenses 218     Net operating income 90     Nonoperating items:       Gain on sale of investments $ 6          Loss on sale of equipment (1)   5     Income before taxes 95     Income taxes
24     Net income $ 71  

     During 2015, 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. A cash dividend was paid during 2015 and the company repurchased $37 of its own stock. Weaver did not retire any bonds during 2015.

Part 1 Required: 1.

Using the indirect method, determine the net cash provided by/used by operating activities for 2015. (Negative amount should be entered with a minus sign.)

Part 2 2.

Using the information in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for 2015. (List any deduction in cash and cash outflows as negative amounts.) Weaver Company Statement of Cash Flows – Indirect Method For This Year Ended December 31, 2015 Operating activities: Adjustments to convert net income to cash basis: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents

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