During this year, Weaver sold some equipment for $19 that had cost $30 and on which...

  

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During this year, Weaver sold some equipment for $19 that had cost $30 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $12 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 and cash outflows as negative amounts.) 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 $ 25 $ 13 293 229 150 196 9 5 477 443 506 427 (81) (70) 425 357 26 $ 928 33 $ 833 $ 302 $ 225 70 77 73 65 445 367 199 171 644 538 163 201 121 94 284 295 $ 928 $ 833 During this year, Weaver sold some equipment for $19 that had cost $30 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $12 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 and cash outflows as negative amounts.) 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 $ 25 $ 13 293 229 150 196 9 5 477 443 506 427 (81) (70) 425 357 26 $ 928 33 $ 833 $ 302 $ 225 70 77 73 65 445 367 199 171 644 538 163 201 121 94 284 295 $ 928 $ 833

Answer rating: 100% (QA)

1 Start with Net Income Net Income Revenue Expenses Net Income is not provided so we cannot calculat... View the full answer