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Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ -17 $ 11 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 335 229 152 196 9 5 479 441 516 438 80 72 436 366 24 30 $ 939 $ 837 Liabilities and Stockholders' Equity Accounts payable $ 302 $ 224 Accrued liabilities 71 79 Income taxes payable 73 65 Total current liabilities 446 368 Bonds payable 198 171 Total liabilities 644 539 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 164 201 131 97 295 298 $ 939 $ 837 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 $ 752 445 307 219 88 $ 6 (1) 5 93 22 $ 71 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 $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $37 of its own stock. This year Weaver did 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 flows for this year. (List any deduction in cash and cash outflows as negative amounts.)

Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ -17 $ 11 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 335 229 152 196 9 5 479 441 516 438 80 72 436 366 24 30 $ 939 $ 837 Liabilities and Stockholders' Equity Accounts payable $ 302 $ 224 Accrued liabilities 71 79 Income taxes payable 73 65 Total current liabilities 446 368 Bonds payable 198 171 Total liabilities 644 539 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 164 201 131 97 295 298 $ 939 $ 837 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 $ 752 445 307 219 88 $ 6 (1) 5 93 22 $ 71 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 $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $37 of its own stock. This year Weaver did 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 flows for this year. (List any deduction in cash and cash outflows as negative amounts.)

FINANCIAL ACCOUNTING
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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Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ -17 $ 11 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 335 229 152 196 9 5 479 441 516 438 80 72 436 366 24 30 $ 939 $ 837 Liabilities and Stockholders' Equity Accounts payable $ 302 $ 224 Accrued liabilities 71 79 Income taxes payable 73 65 Total current liabilities 446 368 Bonds payable 198 171 Total liabilities 644 539 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 164 201 131 97 295 298 $ 939 $ 837 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 $ 752 445 307 219 88 $ 6 (1) 5 93 22 $ 71 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 $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $37 of its own stock. This year Weaver did 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 flows for this year. (List any deduction in cash and cash outflows as negative amounts.)
Transcribed Image Text:Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ -17 $ 11 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 335 229 152 196 9 5 479 441 516 438 80 72 436 366 24 30 $ 939 $ 837 Liabilities and Stockholders' Equity Accounts payable $ 302 $ 224 Accrued liabilities 71 79 Income taxes payable 73 65 Total current liabilities 446 368 Bonds payable 198 171 Total liabilities 644 539 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 164 201 131 97 295 298 $ 939 $ 837 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 $ 752 445 307 219 88 $ 6 (1) 5 93 22 $ 71 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 $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $37 of its own stock. This year Weaver did 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 flows for this year. (List any deduction in cash and cash outflows as negative amounts.)
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