AssetsCashWeaver CompanyComparative Balance Sheetat December 31Accounts receivableInventoryPrepaid expensesTotal current assetsProperty, plant, and equipmentLess accumulated depreciationNet property, plant, and equipmentLong-term investmentsTotal assetsLiabilities and Stockholders' EquityAccounts payableAccrued liabilitiesIncome taxes payableTotal current liabilitiesBonds payableTotal liabilitiesCommon stockRetained earningsTotal stockholders' equityTotal liabilities and stockholders' equityWeaver CompanyIncome StatementFor This Year Ended December 31SalesCost of goods soldGross marginSelling and administrative expensesNet operating incomeNonoperating items:Gain on sale of investmentsLoss on sale of equipmentIncome before taxesIncome taxesNet income$6This Year$-2633815284725158143424$930$ 3017275448196644163123286$ 930$ 7554493062188849224$ 68Last Year$1222919564424367236430$ 836$ 226796537017254220193294$ 836During this year, Weaver sold some equipment for $19 that had cost $31 and on which there was accumulateddepreciation of $10. In addition, the company sold long-term investments for $12 that had cost $6 when purchased severalyears ago. Weaver paid a cash dividend this year and the company repurchased $38 of its own stock. This year Weaverdid not retire any bonds.2. Using the information from Part 1, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flowsfor this year. (List any deduction in cash and cash outflows as negative amounts.)

The cash flow statement is prepared at the end of the year to indicate the net change in cash during…

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.)

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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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