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Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash and cash equivalents 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' This YearLast Year $ -26 $ 13 336 230 151 195 9 5 470 443 509 429 82 72 427 357 28 34 $ 925 $ 834 Equity Accounts payable Accrued liabilities $ 302 $ 226 70 78 Income taxes payable Total current liabilities 74 64 446 368 Bonds payable 196 171 Total liabilities 642 539 Common stock 162 201 Retained earnings. 121 94 Total stockholders' equity 283 295 Total liabilities and stockholders' equity $ 925 $ 834 Weaver Company Income Statement For This Year Ended December 31 Sales $ 754 Cost of goods sold 448 Gross margin 306 Selling and administrative 223 expenses Net operating income 83 Nonoperating items: Gain on sale of investments $ 7 Loss on sale of equipment (1) 6 89 23 $ 66 Income before taxes Income taxes Net income During this year, Weaver sold some equipment for $19 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. Weaver paid a cash dividend and repurchased $39 of its own stock but did not retire any bonds. 2. Prepare a statement of cash flows for this year. Note: Cash outflows and amounts to be deducted should be indicated with a minus sign.
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