Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets...
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Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 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 This Year Last Year $ -21 $ 11 339 230 152 195 8 5 478 441 511 432 81 70 430 362 26 33 $ 934 $ 836 $ 304 $ 224 73 78 73 65 450 367 199 171 649 538 163 201 122 97 285 298 $ 934 $ 836 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 $ 752 448 304 220 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 $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 ash outflows as negative amounts.) 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) 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: Weaver Company Statement of Cash Flows For This Year Ended December 31 0 Financing activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents $ 0 0 0 Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 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 This Year Last Year $ -21 $ 11 339 230 152 195 8 5 478 441 511 432 81 70 430 362 26 33 $ 934 $ 836 $ 304 $ 224 73 78 73 65 450 367 199 171 649 538 163 201 122 97 285 298 $ 934 $ 836 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 $ 752 448 304 220 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 $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 ash outflows as negative amounts.) 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) 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: Weaver Company Statement of Cash Flows For This Year Ended December 31 0 Financing activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents $ 0 0 0
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