Question
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Total current
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity This Year Last Year $ -26 $ 13 338 228 152 195 9 5 473 441 507 427 83 70 424 357 27 33 $ 924 $ 831 $ 301 $ 225 71 77 71 63 443 365 199 170 642 535 162 202 120 94 282 296 $ 924 $ 831 Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Weaver Company Income Statement For This Year Ended December 31 Sales: $ 751 Cost of goods sold 448 333 Total liabilities and stockholders' equity Weaver Company Income Statement For This Year Ended December 31 $ 924 $ 831 Sales $.751 Cost of goods sold 448 Gross margin 303 Selling and administrative expenses 219 Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes 84 $ 7 (2) 5 89 23 Net income $ 66 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 $13 that had cost $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $40 of its own stock. This year Weaver did not retire any bonds. 2. Using the information from Part 1, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for this year. (List any deduction in cash and cash outflows as negative amounts.) Weaver Company Statement of Cash Flows For This Year Ended December 31 Operating activities: 2. Using the information from Part 1, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for this year. (List any deduction in cash and cash outflows as negative amounts.) Weaver Company Statement of Cash Flows For This Year Ended December 31 Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents 0 0 0 $ 0
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