Homework Help is Here – Start Your Trial Now!
Business
Accounting
TULAL SLUCKIU LUCID 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 (3) Problem 13-7 Part 1 (Algo) 403 $ 929 $ 755 449 306 221 85 Weaver Company Statement of Cash Flows-Indirect Method (partial) |32|2| $ 66 During this year, Weaver sold some equipment for $18 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 $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. $ 836 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.)

TULAL SLUCKIU LUCID 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 (3) Problem 13-7 Part 1 (Algo) 403 $ 929 $ 755 449 306 221 85 Weaver Company Statement of Cash Flows-Indirect Method (partial) |32|2| $ 66 During this year, Weaver sold some equipment for $18 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 $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. $ 836 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.)

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

Please do not give solution in image format thanku 

TULAL SLUCATIU LUCTS 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 (3) Problem 13-7 Part 1 (Algo) $ 755 449 Weaver Company Statement of Cash Flows-Indirect Method (partial) 403 $ 929 S 306 221 85 During this year, Weaver sold some equipment for $18 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 $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. 3 88 22 $ 66 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.) Weaver Company Statement of Cash Flows-Indirect Method (partial) 29J $ 836 Required: 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. (List any deductic and cash outflows as negative amounts.)
Transcribed Image Text:TULAL SLUCATIU LUCTS 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 (3) Problem 13-7 Part 1 (Algo) $ 755 449 Weaver Company Statement of Cash Flows-Indirect Method (partial) 403 $ 929 S 306 221 85 During this year, Weaver sold some equipment for $18 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 $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. 3 88 22 $ 66 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.) Weaver Company Statement of Cash Flows-Indirect Method (partial) 29J $ 836 Required: 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. (List any deductic and cash outflows as negative amounts.)
Problem 13-7 (Algo) Prepare a Statement of Cash Flows [LO13-1, LO13-2] [The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Assets Cash Weaver Company Comparative Balance Sheet at December 31 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 $6 (3). This Year $ -25 338 150 8 471 512 82 430 28 $ 929 $ 303 71 72 446 200 646 162 121 283 $ 929 $ 755 449 306 221 85 3 88 22 Last Year $ 11 229 194 5 439 434 71 363 34 $ 836 $ 225 79 65 369 172 541 201 94 295 $836
Transcribed Image Text:Problem 13-7 (Algo) Prepare a Statement of Cash Flows [LO13-1, LO13-2] [The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Assets Cash Weaver Company Comparative Balance Sheet at December 31 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 $6 (3). This Year $ -25 338 150 8 471 512 82 430 28 $ 929 $ 303 71 72 446 200 646 162 121 283 $ 929 $ 755 449 306 221 85 3 88 22 Last Year $ 11 229 194 5 439 434 71 363 34 $ 836 $ 225 79 65 369 172 541 201 94 295 $836
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
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