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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb7a826b-700f-4643-814e-b17be20f9033%2F179d2f18-916a-4b7f-9830-a6a804a5a92a%2F6ur8e5_processed.jpeg&w=3840&q=75)
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
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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