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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 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 $ 5 (2) This Year $ -33 338 151 Weaver Company Statement of Cash Flows-Indirect Method (partial) 464 511 81 430 24 $ 918 8 $ 300 73 72 445 197 642 161 115 276 $ 918 ***** **** $ Last Year $ 13 231 196 6 0 0 446 431 71 360 During this year, Weaver sold some equipment for $18 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 $41 of its own stock. This year Weaver did not retire any bonds. 31 $ 837 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.) $225 80 63 368 171 539 202 96 298 $ 837

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 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 $ 5 (2) This Year $ -33 338 151 Weaver Company Statement of Cash Flows-Indirect Method (partial) 464 511 81 430 24 $ 918 8 $ 300 73 72 445 197 642 161 115 276 $ 918 ***** **** $ Last Year $ 13 231 196 6 0 0 446 431 71 360 During this year, Weaver sold some equipment for $18 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 $41 of its own stock. This year Weaver did not retire any bonds. 31 $ 837 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.) $225 80 63 368 171 539 202 96 298 $ 837

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 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 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 $5 (2) This Year $ -33 338 151 Weaver Company Statement of Cash Flows-Indirect Method (partial) 464 511 81 430 24 $ 918 $ 300 73 72 8 445 197 642 161 115 276 $ 918 $ 750 447 303 222 81 3 84 24 $ 60 $ Last Year $ 13 231 196 6 446 431 71 360 31 $ 837 During this year, Weaver sold some equipment for $18 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 $41 of its own stock. This year Weaver did not retire any bonds. 0 0 $ 225 80 63 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.) 368 171 539 202 96 298 $837
Transcribed Image Text: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 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 $5 (2) This Year $ -33 338 151 Weaver Company Statement of Cash Flows-Indirect Method (partial) 464 511 81 430 24 $ 918 $ 300 73 72 8 445 197 642 161 115 276 $ 918 $ 750 447 303 222 81 3 84 24 $ 60 $ Last Year $ 13 231 196 6 446 431 71 360 31 $ 837 During this year, Weaver sold some equipment for $18 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 $41 of its own stock. This year Weaver did not retire any bonds. 0 0 $ 225 80 63 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.) 368 171 539 202 96 298 $837
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