Required information [The following information applies to the questions displayed below.] Comparative financial statements for Weaver...
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Required information [The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year 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 $ -26 338 $ 12 229 153 195 9 6 474 442 511 432 82 72 429 360 24 31 $ 927 $ 833 Accounts payable $ 303 $ 225 Accrued liabilities 72 79 Ihcome taxes payable 72 64 Total current liabilities 447 368 Bonds payable 196 172 Total liabilities 643 540 Common stock 162 200 Retained earnings 122 93 Total stockholders' equity 284 293 Total liabilities and stockholders' equity $ 927 $ 833 Weaver Company Income Statement For This Year Ended December 31 Sales $ 754 Cost of goods sold Gross margin 446 308 Sales Weaver Company Income Statement For This Year Ended December 31 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 $ 754 446 308 220 88 $ 5 (3) 2 90 23 $ 67 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 $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 Statement of Cash Flows-Indirect Method (partial) Required information [The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year 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 $ -26 338 $ 12 229 153 195 9 6 474 442 511 432 82 72 429 360 24 31 $ 927 $ 833 Accounts payable $ 303 $ 225 Accrued liabilities 72 79 Ihcome taxes payable 72 64 Total current liabilities 447 368 Bonds payable 196 172 Total liabilities 643 540 Common stock 162 200 Retained earnings 122 93 Total stockholders' equity 284 293 Total liabilities and stockholders' equity $ 927 $ 833 Weaver Company Income Statement For This Year Ended December 31 Sales $ 754 Cost of goods sold Gross margin 446 308 Sales Weaver Company Income Statement For This Year Ended December 31 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 $ 754 446 308 220 88 $ 5 (3) 2 90 23 $ 67 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 $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 Statement of Cash Flows-Indirect Method (partial)
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