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i always thumbs up Comparative financial statements for Weaver Company follow Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 28
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Comparative financial statements for Weaver Company follow Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 28 291 158 9 486 504 (81) 423 27 $ 936 $ 11 230 196 6 443 424 (71) 353 33 $829 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 $ 303 72 74 449 200 649 163 124 287 $ 936 $ 224 78 64 366 171 537 200 92 292 $829 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 Income before taxes Income taxes Net income $754 447 307 218 89 3 92 23 $ 69 During this year, Weaver sold some equipment for $18 that had cost $31 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $12 that had cost $6 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. 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: 0 Financing activities: 0 0 Beginning cash and cash equivalents Ending cash and cash equivalents $ 0 $ 69 20 (6) Weaver Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash basis: Depreciation $ Gain on sale of investments Loss on sale of equipment Increase in accounts receivable Decrease in inventory Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable 3 (61) 38 (3) 79 (6) 10 74 $ 143 Net cash provided by operating activities Step by Step Solution
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