! Required information [The following information applies to the questions displayed below.] 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 This Year Last Year $ 26 $ 11 292 228 151 195 8 5 477 439 512 433 (81) (70) 431 363 28 34 $ 936 $ 836 $ 305 $ 225 73 78 73 65 451 368 199 172 650 540 163 202 123 94 286 296 $ 936 $ 836 Weaver Company Income Statement For This Year Ended December 31 Sales $ 753 Cost of goods sold 449 Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments 304 85 Loss on sale of equipment $ 7 (1) Income before taxes Income taxes 6 91 23 Net income $ 68 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 $13 that had cost $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $39 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.) Weaver Company Statement of Cash Flows For This Year Ended December 31 Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents 0 0 0 $ 0
! Required information [The following information applies to the questions displayed below.] 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 This Year Last Year $ 26 $ 11 292 228 151 195 8 5 477 439 512 433 (81) (70) 431 363 28 34 $ 936 $ 836 $ 305 $ 225 73 78 73 65 451 368 199 172 650 540 163 202 123 94 286 296 $ 936 $ 836 Weaver Company Income Statement For This Year Ended December 31 Sales $ 753 Cost of goods sold 449 Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments 304 85 Loss on sale of equipment $ 7 (1) Income before taxes Income taxes 6 91 23 Net income $ 68 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 $13 that had cost $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $39 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.) Weaver Company Statement of Cash Flows For This Year Ended December 31 Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents 0 0 0 $ 0
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:
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
This Year Last Year
$ 26
$ 11
292
228
151
195
8
5
477
439
512
433
(81)
(70)
431
363
28
34
$ 936
$ 836
$ 305
$ 225
73
78
73
65
451
368
199
172
650
540
163
202
123
94
286
296
$ 936
$ 836
Weaver Company
Income Statement
For This Year Ended December 31
Sales
$ 753
Cost of goods sold
449
Gross margin
Selling and administrative expenses
Net operating income
Nonoperating items:
Gain on sale of investments
304
85
Loss on sale of equipment
$ 7
(1)
Income before taxes
Income taxes
6
91
23
Net income
$ 68
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 $13 that had cost $6 when purchased several
years ago. Weaver paid a cash dividend this year and the company repurchased $39 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.)
Weaver Company
Statement of Cash Flows
For This Year Ended December 31
Operating activities:
Investing activities:
Financing activities:
Beginning cash and cash equivalents
Ending cash and cash equivalents
0
0
0
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F973e8e44-b08d-4c6d-b137-6f40cb6450f9%2Fe37bcd80-6365-4915-aa63-bd719e4f5bf8%2Fpma981g_processed.png&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:
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
This Year Last Year
$ 26
$ 11
292
228
151
195
8
5
477
439
512
433
(81)
(70)
431
363
28
34
$ 936
$ 836
$ 305
$ 225
73
78
73
65
451
368
199
172
650
540
163
202
123
94
286
296
$ 936
$ 836
Weaver Company
Income Statement
For This Year Ended December 31
Sales
$ 753
Cost of goods sold
449
Gross margin
Selling and administrative expenses
Net operating income
Nonoperating items:
Gain on sale of investments
304
85
Loss on sale of equipment
$ 7
(1)
Income before taxes
Income taxes
6
91
23
Net income
$ 68
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 $13 that had cost $6 when purchased several
years ago. Weaver paid a cash dividend this year and the company repurchased $39 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.)
Weaver Company
Statement of Cash Flows
For This Year Ended December 31
Operating activities:
Investing activities:
Financing activities:
Beginning cash and cash equivalents
Ending cash and cash equivalents
0
0
0
$
0
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