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Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and
Weaver Company Comparative Balance Sheet at December 31 This Year Last Year 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 $ 11 $ 13 294 230 151 195 8 6 464 444 509 430 (81) (72) 428 358 25 31 $ 917 $ 833 Accounts payable $ 302 $ 226 Accrued liabilities 71 80 Income taxes payable 72 64 Total current liabilities 445 370 Bonds payable 195 171 Total liabilities 640 541 Common stock 161 200 Retained earnings 116 92 Total stockholders' equity 277 292 Total liabilities and stockholders' equity $ 917 $ 833 Weaver Company Income Statement For This Year Ended December 31 Sales $ 753 Cost of goods sold 447 Gross margin 306 Selling and administrative expenses Net operating income Mananarstion tame 223 83 Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 640 541 161 200 116 92 277 292 $ 917 $ 833 Weaver Company Income Statement For This Year Ended December 31 Sales $ 753 Cost of goods sold 447 Gross margin 306 Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes 223 83 $ 6 (3) 3 86 23 Net income $ 63 During this year, Weaver sold some equipment for $18 that had cost $31 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 $39 of its own stock. This year Weaver did not retire any bonds. 2. Using the information from Part 1, 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: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents
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