Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66487db8eda58_80866487db890a9c.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66487db99373f_80966487db9306cd.jpg)
Transcribed Image Text:
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ -11 $ 12 Accounts payable Accrued liabilities 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 Income taxes payable 331 228 153 195 8 6 481 441 510 431 81 70 429 361 26 $ 936 66 33 613 $ 835 $ 305 $ 225 72 79 71 64 Total current liabilities 448 368 Bonds payable 200 172 Total liabilities 648 540 Common stock 164 200 Retained earnings 124 95 Total stockholders' equity 288 295 Total liabilities and stockholders' equity $ 936 $ 835 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 $ 753 447 306 220 86 $ 6 (2) 4 90 25 $ 65 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 $36 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.) Weaver Company Statement of Cash Flows-Indirect Method (partial) Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ -11 $ 12 Accounts payable Accrued liabilities 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 Income taxes payable 331 228 153 195 8 6 481 441 510 431 81 70 429 361 26 $ 936 66 33 613 $ 835 $ 305 $ 225 72 79 71 64 Total current liabilities 448 368 Bonds payable 200 172 Total liabilities 648 540 Common stock 164 200 Retained earnings 124 95 Total stockholders' equity 288 295 Total liabilities and stockholders' equity $ 936 $ 835 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 $ 753 447 306 220 86 $ 6 (2) 4 90 25 $ 65 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 $36 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.) Weaver Company Statement of Cash Flows-Indirect Method (partial)
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Karamazov Semiconductors is considering an investment to expand its existing line of business. The investment will cost $10 million and is expected to produce after-tax cash flows of $1 million per...
-
The Pepperpot Companys stock is selling for $52. Its last dividend was $4.50, and the firm is expected to grow at 7% indefinitely. Flotation costs associated with the sale of common stock are 10% of...
-
The following is a December 31, 2013, post-closing trial balance for the Jackson Corporation. Required: Prepare a classified balance sheet for Jackson Corporation at December 31,2013. Account Title...
-
The primary purpose of using a certification authority in electronic commerce is to: a. Ensure both the vendor and customer choose secure private keys b. Provide a banking facility for both the...
-
An artificial kidney is a device that removes water and waste metabolites from blood. In one such device, the hollow fiber hemodialyzer, blood flows from an artery through the insides of a bundle of...
-
Assume that on January 1, Year 2, several supporters of the entity spend their own time and money to construct a garage for the entity's vehicles. The results are donated for free. The labor has a...
-
why do we deduct account receivable from operating cash flow.write your answer in your own wording with a brief discussion .
-
Nasra and Pedro were married at the Attorney General's office. They did not conclude any of the traditional or religious requirements for marriage, given that they come from different ethnic...
-
Create a workflow plan for your selected area, operation or activity. Possible formats for your workflow plan include: workflow chart process map work schedule function or event run sheet any other...
-
Can social welfare be measured by "adding up" peoples' utilities? Why or why not? If not by using utility, how can policy makers estimate the welfare of government policies?
-
A truck on a straight road starts from rest, accelerating at 2.00 m/s until it reaches a speed of 50.0 m/s. Then the truck travels for 51.0 s at constant speed until the brakes are applied, stopping...
-
Simplify: 9 OD b a 6b 6a + b
-
At least how many differentiators are needed in an OP circuit that implements the differential equation: + y + y =+u+u? (A) 0 (B) 1 (C) 2 (D) 3 (E) Uncertain.
-
Tell whether the angles or sides are corresponding angles, corresponding sides, or neither. AC and JK
-
Repeat Example 14-2 except for a three-stage countercurrent system and unknown underflow product concentration. Example 14-2 We wish to treat 1000.0 kg/h (wet basis) of insoluble meal (D) that...
-
This problem looks at the trade-offs between purity measured by \(\mathrm{y}_{\mathrm{I}, \text { out }} / \mathrm{y}_{\text {sugar, out }}\) and sugar recovery in the liquid,...
-
Repeat Example 14-2 except for a single-stage system and unknown underflow product concentration. Example 14-2 We wish to treat 1000.0 kg/h (wet basis) of insoluble meal (D) that contains 20.0 wt%...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App