Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 24 295 151 8 478 506 (81) 425 28 $ 931 $

image text in transcribed
image text in transcribed
image text in transcribed
Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 24 295 151 8 478 506 (81) 425 28 $ 931 $ 11 230 194 5 440 428 (171) 357 35 $832 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 $ 303 70 73 446 197 643 162 126 288 $ 931 $225 77 64 366 171 537 200 95 295 $832 Woman 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 Loss on sale of equipment Income before taxes Income taxes Net income $ 754 446 308 220 BB $ 6 (2) 92 23 $ 69 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 $13 that had cost $7 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased of own stock. This year Weaver did not retire any bonds. depreciation OTIU. In addition, the company sold long-term investments for $13 that had cost 57 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. (List any deduction in cash and cash outflows as negative amounts.) 69 Weaver Company Statement of Cash Flow Indirect 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 0 $ 69 Net cash provided by operating activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting The Basis For Business Decisions

Authors: Robert F. Meigs, Walter B Meigs

5th Edition

007041551X, 9780070415515

More Books

Students also viewed these Accounting questions

Question

=+f) Are any six points in a row increasing (or decreasing)?

Answered: 1 week ago

Question

What should Gail do now?

Answered: 1 week ago