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Durus payause 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 $6 (2) 198 647 165 122 287 $ 934 $ 750 447 303 219 84 4 88 23 $ 65 171 541 202 94 296 $ 837 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 $13 that had cost $7 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.

Durus payause 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 $6 (2) 198 647 165 122 287 $ 934 $ 750 447 303 219 84 4 88 23 $ 65 171 541 202 94 296 $ 837 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 $13 that had cost $7 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.

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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Required information [The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Assets Cash Accounts receivable Inventory Prepaid expenses Weaver Company Comparative Balance Sheet at December 31 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 This Year $28 293 150 9 480 510 83 427 27 $934 $ 303 72 74 449 198 647 165 122 287 Last Year $ 13 229 195 6 443 430 70 360 34 $837 $225 80 65 370 171 541 202 94 296
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Assets Cash Accounts receivable Inventory Prepaid expenses Weaver Company Comparative Balance Sheet at December 31 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 This Year $28 293 150 9 480 510 83 427 27 $934 $ 303 72 74 449 198 647 165 122 287 Last Year $ 13 229 195 6 443 430 70 360 34 $837 $225 80 65 370 171 541 202 94 296
bunus 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 $6 (2) 198 647 165 122 287 $934 $ 750 447 303 219 84 4 88 23 $65 171 541 202 94 296 $ 837 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 $13 that had cost $7 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. Weaver Company Statement of Cash Flows-Indirect Method (partial)
Transcribed Image Text:bunus 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 $6 (2) 198 647 165 122 287 $934 $ 750 447 303 219 84 4 88 23 $65 171 541 202 94 296 $ 837 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 $13 that had cost $7 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. Weaver Company Statement of Cash Flows-Indirect Method (partial)
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