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Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 3 1 This Year Last Year Assets Cash and cash equivalents

 

Comparative financial statements for Weaver Company follow:

Weaver Company
Comparative Balance Sheet
at December 31
This Year Last Year
Assets
Cash and cash equivalents $ 9 $ 15
Accounts receivable 340240
Inventory 125175
Prepaid expenses 106
Total current assets 484436
Property, plant, and equipment 610470
Less accumulated depreciation 9385
Net property, plant, and equipment 517385
Long-term investments 1619
Total assets $ 1,017 $ 840
Liabilities and Stockholders\' Equity
Accounts payable $ 310 $ 230
Accrued liabilities 6072
Income taxes payable 4034
Total current liabilities 410336
Bonds payable 290180
Total liabilities 700516
Common stock 210250
Retained earnings 10774
Total stockholders equity 317324
Total liabilities and stockholders\' equity $ 1,017 $ 840
Weaver Company
Income Statement
For This Year Ended December 31
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 this year, Weaver sold some equipment for $20 that had cost $40 and on which there was accumulated depreciation of $16. In addition, the company sold long-term investments for $10 that had cost $3 when purchased several years ago. Weaver paid a cash dividend and repurchased $40 of its own stock but did not retire any bonds.
Prepare a statement of cash flows for this year.

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