1. Business
  2. Accounting
  3. weaver company comparative balance sheet at december31 last this year...

Question: weaver company comparative balance sheet at december31 last this year...

Question details

Weaver Company Comparative Balance Sheet at December31 Last This Year Year Assets Cash Accounts receivable Inventory Prepaid expense:s Total current assets Property, plant, and equipment $9 15 240 175 6 436 470 85 385 19 $1,017 840 340 125 10 484 610 93 517 16 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 60 40 410 290 700 210 107 317 $1,017 $ 310 230 72 34 336 180 516 250 74 324 840

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: $800 500 300 213 87 Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income 4 90 27 $ 63 During this year, Weaver sold some equipment for $20 that had cost $40 and on which there was accumulated depreciation of $16. In addition, the company sold long-term investments for $10 that had cost $3 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $40 of its own stock. This year Weaver did not retire any bonds

Required 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. (List any deduction in cash outflows as negative amounts.) Weaver Company Statement of Cash Flows- Indirect Method (partial) Net income 0 Adjustments to convert net income to a cash basis Decrease in inventory Increase in prepaid expenses Loss on sale of equipment Gain on sale of investments Increase in accounts payable Increase in income taxes payable Increase in accounts receivable Decrease in accrued liabilities Loss on sale of equipment Net cash provided by operating activities

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution