Question
rk-Required Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Last Year Year Assets Cash and cash
rk-Required Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Last Year 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 Long-term investments $ 24 $12 293 231 158 195 8 6 483 444 505 426 (81) (70) 424 356 24 31 Total assets $ 931 $831 Liabilities and Stockholders' Equity Accounts payable $ 301 $224 Accrued liabilities 71 77 Income taxes payable 72 63 Total current liabilities 444 Bonds payable 364 198 171 Total Liabilities 642 535 Common stock Retained earnings 163 200 126 Total stockholders' equity 96 289 296 Total liabilities and stockholders' equity $931 5831 Weaver Company Income statement Sales For This Year Ended December 31 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 set income $753 446 307 220 67 (0) 90 23 $ 67 During this year Weaver sold some equipment for $18 that had cost $31 and on which there was accumulated depreciation of $10. In addmon, the company sold long-term investments for $13 that had cost $7 when purchased several years ago Weaver paid a cash dividend this year and the company repurchased $37 of its own stock This year Weaver and not retire ony bonds
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