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Question - Comparative financial statements for Weaver Company follow:
Weaver Company Comparative Balance Sheet December 31, 2009 and 2008
2009
2008
Assets
Cash
$9
$15
Accounts receivable
340
240
Inventory
125
175
Prepaid expenses
10
6
Plant and equipment
610
470
Less accumulated depreciation
(93)
(85)
Long-term investments
16
19
Total assets
$1,017
$840
Liabilities and Stockholder's Equity
Accounts payable
$310
$230
Accrued liabilities
60
72
Bonds payable
290
180
Deferred income taxes
40
34
Common stock
210
250
Retained earnings
107
74
Total liabilities and equity
Weaver Company Income Statement
For the Year Ended December 31, 2009
Sales
$800
Cost of goods sold
500
Gross margin
300
Selling and administrative expenses
213
Net operating income
87
Nonoperating items:
Gain on sale of investments
$7
Loss on sale of equipment
4
3
Income before taxes
90
Income taxes
27
Net income
$ 63
During 2009, the company sold some equipment for $20 that had cost $40 and on which there was accumulated depreciation for $16. In addition, the company sold long-term investments for $10 that had cost $3 when purchased several years ago. Cash dividends totaling $30 were paid during 2009.
1. Using the indirect method, determine the net cash provided by operating activities for 2009.
2. Using the information in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for 2009.
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