Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answer the question please weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ ,21 $ 12 Accounts receivable 333

answer the question please

image text in transcribed
weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ ,21 $ 12 Accounts receivable 333 236 Inventory 15B 195 Prepaid expenses 9 5 Total current assets 471 442 Property, plantJ and equipment 514 435 Less accumulated depreciation 86 72 Net propertyJ plant, and equipment 434 363 Longterm investments 26 33 Total assets $ 931 $ 838 Liabilities and Stockholders' Equity Accounts payable $ 362 $ 225 Accrued liabilities 73 86 Income taxes payable 75 64 Total current liabilities 456 369 Bonds payable 199 171 Total liabilities 649 546 Common stock 161 262 Retained earnings 121 96 Total stockholders' equity 282 298 Total liabilities and stockholders' equity $ 931 $ 838 weaver Company Income Statement For This Year Ended December 31 Sales $ 753 Cost of goods sold 447 Gross margin 385 Selling and administrative expenses 219 Net operating income 87 Nonoperating items: Gain on sale of investments $ 5 Loss on sale of equipment {2} 3 Income before taxes so Income taxes 24 Net income $ 65 During this year. Weaver sold some equipment for $19 that had cost $31 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $12 that had cost $7 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $41 of its own stock. This year Weaver did not retire any bonds. 2. Using the information from Part 1_. along with an analysis otthe remaining balance sheet accounts prepare a statement of cash flows for this year. (List any deduction in cash and cash outflows as negative amounts.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles Managerial Concepts

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

7th Canadian Edition

1119310296, 978-1119310297

More Books

Students also viewed these Accounting questions

Question

Which of the following is true of presentations

Answered: 1 week ago

Question

1. Too understand personal motivation.

Answered: 1 week ago