! Required information Problem 13-7 (Algo) Prepare a Statement of Cash Flows [LO13-1, LO13-2] [The following...

Transcribed Image Text:

! Required information Problem 13-7 (Algo) Prepare a Statement of Cash Flows [LO13-1, LO13-2] [The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets This Year Last Year $ -19 $ 12 337 230 153 196 9 6 480 444 510 431 82 71 428 360 24 31 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 $ 932 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 $ 835 $ 302 $ 226 71 80 74 64 447 370 199 170 646 540 164 200 122 95 286 295 $ 932 $ 835 $ 752 447 305 221 84 $ 6 (3) 3 87 24 $ 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 $13 that had cost $7 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $36 of its own stock. This year Weaver did not retire any bonds. Problem 13-7 Part 1 (Algo) 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.) ! Required information Problem 13-7 (Algo) Prepare a Statement of Cash Flows [LO13-1, LO13-2] [The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets This Year Last Year $ -19 $ 12 337 230 153 196 9 6 480 444 510 431 82 71 428 360 24 31 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 $ 932 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 $ 835 $ 302 $ 226 71 80 74 64 447 370 199 170 646 540 164 200 122 95 286 295 $ 932 $ 835 $ 752 447 305 221 84 $ 6 (3) 3 87 24 $ 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 $13 that had cost $7 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $36 of its own stock. This year Weaver did not retire any bonds. Problem 13-7 Part 1 (Algo) 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.)