Required information The following information applies to the questions displayed below. Comparative financial statements for Weaver Company follow Weaver Company Comparative Balance Sheet at December 31 This Last Year Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment s 12 229 195 309 158 42 70 357 85 422 Less accumulated depreciation Net property, plant, and equipment Long-term investments 929$830 929 $830 Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total 1iabilities Common stock Retained earnings Total stockholders' equity Total 1iabilities and stockholders' equity $225 79 63 447367 170 303 72 197 200 93 163 122 285 $ 929 - 293 929$830 Weaver Company Income Statement For This Year Ended December 31 753 446 Sales Cost of goods sold Gross margin Selling and administrative expenses Net opereting income Nonoperating items Next 285293 629830 Total stockholders' equity Total liabilities and stockholders equity s 929 Weaver Company Income Statement For This Year Ended December 31 $753 446 Sales cost of good 01d Gross margin Selling and administrative expenses Net operating income Nonoperating items : 85 Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income 89 23 s 66 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 $12 that had cost $7 when purchased several years ago. Weaver pald 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 byl/used in operating activities for this year Weaver Company Statement of Cash Flows-Indirect Method (partial) Income taxes Net income 23 $ 66 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 $12 that had cost $7 when purchase years ago. Weaver paid a cash dividend this year and the company repurchased $37 of its own stock. This year did not retire any bonds. Required 1. Using the Indirect method, determine the net cash provided by/used in operating activities for this year Weaver Company Statement of Cash Flows-Indirect Method (partial) did not retire any bonds. 2. Using the information in () above, 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.) of2 Weaver Company Statement of Cash Flows For This Year Ended December 31 Operating activities ok Investing activities: nt nces Financing activities Beginning cash and cash equlvalents Ending cash and cash equivalents
