Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 13-8A Prepare a Statement of Cash Flows (Indirect Method) [LO2, LO Comparative financial statements for Weaver Company follow Weaver Company Comparative Balance Sheet December

image text in transcribed

Problem 13-8A Prepare a Statement of Cash Flows (Indirect Method) [LO2, LO Comparative financial statements for Weaver Company follow Weaver Company Comparative Balance Sheet December 31, 2009 and 2008 2009 2008 Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment $31 308 156 $13 230 195 5 427 (71) 34 $833 Less accumulated depreciation Long-term investments Total assets 506 (86) 28 $951 Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Bonds payable Deferred income taxes Common stock Retained earnings Total liabilities and stockholders' equity $305 71 196 73 161 145 $951 $225 79 172 64 201 92 $833 Weaver Company Income Statement For the Year Ended December 31, 2009 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Non operating items $753 449 304 220 84 Gain on sale of investments Loss on sale of equipment24 Income before taxes Income taxes Net income $66 During 2009, the company sold some equipment for $18 that had cost $30 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. Cash dividends totaling $13 were paid duning 2009 Required Using the indirect method, prepare a statement of cash flows for 2009, (Negative amounts should be indicated with a minus sign. Omit the $" sign in your response.)

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_2

Step: 3

blur-text-image_3

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

The Routledge Companion To Auditing

Authors: David Hay, W. Robert Knechel, Marleen Willekens

1st Edition

1138363081, 978-1138363083

More Books

Students also viewed these Accounting questions

Question

How We Listen?

Answered: 1 week ago