Required Information [The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: 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 Weaver Company Comparative Balance Sheet at December 31 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 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 $6 (2) This Year $ 19 291 153 8 471 508 (81) 427 26 $ 924 $ 302 72 71 445 197 642 161 121 282 $ 924 $ 752 447 305 222 83 4 87 24 $63 Last Year $ 13 229 195 6 443 429 (70) 359 32 $834 $ 225 79 63 367 170 537 200 97 297 $834 During this year, Weaver sold some equipment for $19 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.
Required Information [The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: 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 Weaver Company Comparative Balance Sheet at December 31 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 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 $6 (2) This Year $ 19 291 153 8 471 508 (81) 427 26 $ 924 $ 302 72 71 445 197 642 161 121 282 $ 924 $ 752 447 305 222 83 4 87 24 $63 Last Year $ 13 229 195 6 443 429 (70) 359 32 $834 $ 225 79 63 367 170 537 200 97 297 $834 During this year, Weaver sold some equipment for $19 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
H1.
Transcribed Image Text: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.)
Operating activities:
Investing activities:
Financing activities:
Weaver Company
Statement of Cash Flows
For This Year Ended December 31
Beginning cash and cash equivalents
Ending cash and cash equivalents
![Required Information
[The following information applies to the questions displayed below.]
Comparative financial statements for Weaver Company follow:
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
Weaver Company
Comparative Balance Sheet
at December 31
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
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
$6
(2)
This Year
$ 19
291
153
8
471
508
(81)
427
26
$ 924
$ 302
72
71
445
197
642
161
121
282
$ 924
$ 752
447
305
222
83
4
87
24
$63
Last Year
$ 13
229
195
6
443
429
(70)
359
32
$834
$ 225
79
63
367
170
537
200
97
297
$834
During this year, Weaver sold some equipment for $19 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F02cd88c9-aedc-4f8c-8c8b-d98421c63ca8%2Ff8cebe70-cd57-47f5-aba8-958f47071a18%2Fv1hahlp_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
Comparative financial statements for Weaver Company follow:
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
Weaver Company
Comparative Balance Sheet
at December 31
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
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
$6
(2)
This Year
$ 19
291
153
8
471
508
(81)
427
26
$ 924
$ 302
72
71
445
197
642
161
121
282
$ 924
$ 752
447
305
222
83
4
87
24
$63
Last Year
$ 13
229
195
6
443
429
(70)
359
32
$834
$ 225
79
63
367
170
537
200
97
297
$834
During this year, Weaver sold some equipment for $19 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.
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