Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How do I fix the red boxes? Weaver sold some equipment for $19 that had cost $30 and on which there was accumulated depreciation of

How do I fix the red boxes?

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 $36 of its own stock. This year Weaver did not retire any bonds.

image text in transcribedimage text in transcribedimage text in transcribed

Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 12 230 194 $ 24 290 157 9 480 507 (81) 426 28 $ 934 5 441 428 (71) 357 35 $833 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' 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 $ 304 71 75 450 196 646 164 124 288 $225 79 64 368 172 540 200 93 293 $833 $ 934 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 $ 6 Loss on sale of equipment (1) Income before taxes Income taxes Net income $ 753 446 307 220 87 5 92 25 $ 67 Answer is not complete. Weaver Company Statement of Cash Flows For This Year Ended December 31 Operating activities: Net cash provided by operating activities Investing activities: Proceeds from sale of long-term investments $ Proceeds from sale of equipment Additions to property, plant, and equipment 96 13 19 31 x 63 Net cash used in investing activities Financing activities: Issuance of bonds payable Repurchase of common stock Cash dividends paid 24 >>> (36) (36) Net cash used in financing activities (48) 111 Beginning cash and cash equivalents Ending cash and cash equivalents 111

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

Preliminary Audit Results Montanas State Employee Compensation 1990

Authors: Waters Consulting Group, Montana. State Employee Compensation Committee

1st Edition

1378152700, 978-1378152706

More Books

Students also viewed these Accounting questions

Question

List one advantage and one disadvantage of subjective QoL measures.

Answered: 1 week ago