Question
[The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet December 31, 2015 and
[The following information applies to the questions displayed below.]
Comparative financial statements for Weaver Company follow: |
Weaver Company Comparative Balance Sheet December 31, 2015 and 2014 | ||||
2015 | 2014 | |||
Assets | ||||
Cash | $ | -3 | $ | 11 |
Accounts receivable | 307 | 229 | ||
Inventory | 159 | 195 | ||
Prepaid expenses | 9 | 5 | ||
Total current assets | 472 | 440 | ||
Property, plant, and equipment | 511 | 431 | ||
Less accumulated depreciation | (85) | (71) | ||
Net property, plant, and equipment | 426 | 360 | ||
Long-term investments | 27 | 33 | ||
Total assets | $ | 925 | $ | 833 |
Liabilities and Stockholders' Equity | ||||
Accounts payable | $ | 304 | $ | 226 |
Accrued liabilities | 71 | 79 | ||
Income taxes payable | 74 | 64 | ||
Total current liabilities | 449 | 369 | ||
Bonds payable | 199 | 171 | ||
Total liabilities | 648 | 540 | ||
Common stock | 161 | 201 | ||
Retained earnings | 116 | 92 | ||
Total stockholders equity | 277 | 293 | ||
Total liabilities and stockholders' equity | $ | 925 | $ | 833 |
Weaver Company Income Statement For the Year Ended December 31, 2015 | ||||
Sales | $ | 754 | ||
Cost of goods sold | 448 | |||
Gross margin | 306 | |||
Selling and administrative expenses | 222 | |||
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Net operating income | 84 | |||
Nonoperating items: | ||||
Gain on sale of investments | $ | 6 | ||
Loss on sale of equipment | (2) | 4 | ||
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Income before taxes | 88 | |||
Income taxes | 24 | |||
Net income | $ | 64 | ||
During 2015, 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. A cash dividend was paid during 2015 and the company repurchased $40 of its own stock. Weaver did not retire any bonds during 2015. |
2.
value: 3.00 points
Required information
Required: | |
1. | Using the indirect method, determine the net cash provided by/used by operating activities for 2015. (Negative amount should be entered with a minus sign.) |
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