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Required information Skip to question [ The following information applies to the questions displayed below. ] Comparative financial statements for Weaver Company follow: Weaver Company
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The following information applies to the questions displayed below.
Comparative financial statements for Weaver Company follow:
Weaver Company
Comparative Balance Sheet
at December
This Year Last Year
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
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
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 $
During this year, Weaver sold some equipment for $ that had cost $ and on which there was accumulated depreciation of $ In addition, the company sold longterm investments for $ that had cost $ when purchased several years ago. Weaver paid a cash dividend and repurchased $ of its own stock but did not retire any bonds.
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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