Homework- Chapter 15 0 Saved 2 Part 2 of 2 References Required information 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 Longterm investments Total assets Liabilities and Stockholders' Equity 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 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income [T he following information applies to the questions displayed below. j Comparative nancial statements for Weaver Company follow: This Year $ 19 295 152 8 474 515 (El) 434 26 $ 934 $ 305 71 71 447 197 644 163 127 296 934 86 5 91 23 $ 68 Help Save 8. Exit Submit 8 Check my work Last Year $ 12 229 195 6 442 435 (72) 363 33 $ 338 $ 226 83 64 37B 172 542 263 96 296 $ 838 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 $7 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $37 of its own stock. This year Weaver did not retire any bonds. E 2. Using the information from Part 1, along with an analysis ofthe remaining balance sheet accounts, prepare a statement of cash flows for this year. (List any deduction in cash and cash outflows as negative amounts.) References Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents Part1o'f2 10 points Lost or goods soLo 44o Gross margin 309 Selling and administrative expenses 223 Net operating income 86 Nonoperating items: Gain on sale of investments $ 6 Loss on sale of equipment (1) 5 Income before taxes 91 Income taxes 23 Net income $ 53 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 $7 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $37 of its own stock. This year Weaver did not retire any bonds. Required: 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. (List any deduction in cash and cash outows as negative amounts.) 9 Answer is complete but not entirely correct. Net income 0 Adjustments to convert net income to a cash basis: 0 Depreciation Loss on sale of equipment Gain on sale of investments Increase' In accounts receivable (66) -- m