Chapter 15 In-Class Learning Case Below is the Balance Sheet and Income Statement for Weaver Company as well as some additional information for the year ending on December 31, 2023. Balance Sheet Accounts This Year Last Year Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses 9 15 340 240 125 175 10 6 Total current assets 484 436 Property, plant, & equipment 610 470 Less accumulated depreciation 93 85 Net PP&E 517 385 Long-term investments 16 19 Total assets 1,017 840 Liability and Stockholders' Equity Accounts payable 310 230 Accrued liabilities 60 72 Income taxes payable 40 34 Total current liabilities 410 336 Bonds payable Total liabilities Stockholders' equity Common stock 290 180 700 516 210 250 Retained earnings Total Stockholders equity 107 74 317 324 Total liabilities & stockholder's equity 1,017 840 Income Statement Sales 800 Cost of good sold 500 Gross margin 300 Selling and administrative expenses Net operating income Nonoperating items 213 87 Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income 7 (4) 90 27 63