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Sorry about the two questions in one but it's a two part question, thank you. 4 Weaver Company Comparative Balance Sheet at December 31 Part
Sorry about the two questions in one but it's a two part question, thank you.
4 Weaver Company Comparative Balance Sheet at December 31 Part 1 of 2 This Year Last Year $ 11 230 11.11 points $ 2 308 160 8 478 516 (86) 430 23 $ 931 194 6 441 437 (71) 366 30 $837 eBook Print Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term 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 References $ 301 70 73 444 196 640 164 127 291 $224 79 64 367 171 538 202 97 299 $ 931 $837 Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments $ 5 Loss on sale of equipment (2) Income before taxes Income taxes Net income $752 446 306 219 87 3 90 22 $ 68 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 $7 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. Requir 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. Weaver Company Statement of Cash FlowsIndirect Method (partial) Net income Adjustments to convert net income to a cash basis: Depreciation Loss on sale of equipment Gain on sale of investments Increase in accounts receivable Decrease in inventory Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable ces 0 Net cash provided by operating activities $ 0 2. Using the information in (1) 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.) 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 $ 0Step by Step Solution
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