Comparative financial statements for Weaver Company follow: ...

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Accounting

Comparative financial statements for Weaver Company follow:

Weaver Company Comparative Balance Sheet December 31, 2014 and 2013
2014 2013
Assets
Cash $ 6 $ 12
Accounts receivable 307 229
Inventory 158 195
Prepaid expenses 9 5
Total current assets 480 441
Property, plant, and equipment 501 423
Less accumulated depreciation (85) (70)
Net property, plant, and equipment 416 353
Long-term investments 29 35
Total assets $ 925 $ 829
Liabilities and Stockholders' Equity
Accounts payable $ 301 $ 225
Accrued liabilities 72 77
Income taxes payable 73 64
Total current liabilities 446 366
Bonds payable 200 171
Total liabilities 646 537
Common stock 161 200
Retained earnings 118 92
Total stockholders equity 279 292
Total liabilities and stockholders' equity $ 925 $ 829

Weaver Company Income Statement For the Year Ended December 31, 2014
Sales $ 752
Cost of goods sold 449
Gross margin 303
Selling and administrative expenses 218

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 2014, 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 2014 and the company repurchased $39 of its own stock. Weaver did not retire any bonds during 2014.

Required:
1.

Using the indirect method, determine the net cash for operating activities for 2014. (Negative amount should be entered with a minus sign.)

2.

Using the information in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for 2014. (List any deduction in cash and cash outflows as negative amounts.)

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