Homework Help is Here – Start Your Trial Now!
Business
Accounting
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash and cash equivalents 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 Weaver Company Statement of Cash Flows-Indirect Method (partial) et income djustments to convert net income to a cash basis: Depreciation Increase in accounts receivable Decrease in inventory 55 (2) Increase in prepaid expenses Increase in accounts payable Decrease in accrued abilities Increase in income taxes payable Gain on sale of investments Loss on sale of equipment This Year 333 152 8 S 465 587 82 425 $ 918 $ 302 72 71 445 196 641 161 116 277 $ 918 $ 751 446 305 222 83 25 $ 61 Last Year $ 12 228 196 429 71 During this year, Weaver sold some equipment for $19 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 and repurchased $41 of its own stock but did not retire any bonds. 358 35 $ 835 quired: Using the indirect method, determine the net cash provided by/used in operating activities for this year. te: Cash outflows and amounts to be deducted should be indicated with a minus sign. $ 225 77 172 537 202 298 $ 835

Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash and cash equivalents 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 Weaver Company Statement of Cash Flows-Indirect Method (partial) et income djustments to convert net income to a cash basis: Depreciation Increase in accounts receivable Decrease in inventory 55 (2) Increase in prepaid expenses Increase in accounts payable Decrease in accrued abilities Increase in income taxes payable Gain on sale of investments Loss on sale of equipment This Year 333 152 8 S 465 587 82 425 $ 918 $ 302 72 71 445 196 641 161 116 277 $ 918 $ 751 446 305 222 83 25 $ 61 Last Year $ 12 228 196 429 71 During this year, Weaver sold some equipment for $19 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 and repurchased $41 of its own stock but did not retire any bonds. 358 35 $ 835 quired: Using the indirect method, determine the net cash provided by/used in operating activities for this year. te: Cash outflows and amounts to be deducted should be indicated with a minus sign. $ 225 77 172 537 202 298 $ 835

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash and cash equivalents 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 Weaver Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash basis: Depreciation Increase in accounts receivable Decrease in inventory Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities (2) Increase in income taxes payable Gain on sale of investments Loss on sale of equipment Net cash provided by operating activities This Year $ -28 333 $ S 61 152 8 465 587 0 61 82 425 28 $ 918 $ 382 72 71 $751 446 445 196 641 161 116 277 $ 918 305 222 83 3 86 25 $ 61 During this year, Weaver sold some equipment for $19 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 and repurchased $41 of its own stock but did not retire any bonds. Last Year Required: 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. Note: Cash outflows and amounts to be deducted should be indicated with a minus sign. $ 12 228 196 442 429 71 358 35 $ 835 $ 225 77 63 365 172 537 282 96 298 $ 835
Transcribed Image Text:Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash and cash equivalents 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 Weaver Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash basis: Depreciation Increase in accounts receivable Decrease in inventory Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities (2) Increase in income taxes payable Gain on sale of investments Loss on sale of equipment Net cash provided by operating activities This Year $ -28 333 $ S 61 152 8 465 587 0 61 82 425 28 $ 918 $ 382 72 71 $751 446 445 196 641 161 116 277 $ 918 305 222 83 3 86 25 $ 61 During this year, Weaver sold some equipment for $19 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 and repurchased $41 of its own stock but did not retire any bonds. Last Year Required: 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. Note: Cash outflows and amounts to be deducted should be indicated with a minus sign. $ 12 228 196 442 429 71 358 35 $ 835 $ 225 77 63 365 172 537 282 96 298 $ 835
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS