Requlred 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 Year Last Year Assets Cash 13 229 6 Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments 388 157 9 196 6 488 444 509 430 (85) 424 (71) 359 32 $835 26 Total assets $ 930 Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable $384 $225 78 71 72 64 367 447 199 172 Total liabilities 646 539 Common stock 281 163 Retained earnings Total stockholders' equity 95 121 296 284 930 Total liabilities and stockholders' equity $835 Weaver Company Income Statement For This Year Ended December 31 Sales $752 447 305 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments 222 83 6 (2) Loss on sale of equipment Income before taxes 87 Income taxes 23 $ 64 Net income During this year, Weaver 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. Weaver paid a cash dividend this year and the company repurchased $38 of its own stock. This year Weaver 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) 0 S 0 H* 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 Year Last Year Assets $ 6 88 $ 13 229 Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments 157 196 6 9 480 509 444 430 (85) (71) 359 424 26 32 Total assets 930 $835 Liabilities and Stockholders' Equity Accounts payable Accrued liabilities 384 $225 78 71 Income taxes payable 72 64 Total current liabilities Bonds payable Total liabilities 367 447 199 646 172 539 Common stock 281 163 Retained earnings Total stockholders' equity 95 121 284 296 Total liabilities and stockholders equity 930 $835 Weaver Company Income Statement For This Year Ended December 31 Sales $752 447 85 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments 222 83 $ 6 Loss on sale of equipment (2) 4 87 Income before taxes Income taxes 23 $ 64 Net income During this year, Weaver 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. Weaver paid a cash dividend this year and the company repurchased $38 of its own stock. This year Weaver 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 negatlve 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 S 0
