Question

help me please

Comparative financial statements for Weaver Company follow Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 28 294 152 8 482 509 (83) 426 26 $ 934 $ 13 231 196 5 445 431 (70) 361 32 $838 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 $ 300 71 74 445 198 643 165 126 292 $ 934 $225 80 65 370 171 541 201 96 297 $838 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 itens Gain on sale of investments $ 7 LOSS on sale of equipment (2) Income before taxes Income taxes Net incone $753 449 904 220 84 5 89 23 During this year, Weaver sold some equipment for $18 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 $36 of its own stock. This year Weaver did not retire any bonds

Answer 1

Working Note: Particulars Amount Ending balance of accumulated depreciation $ 83 Add: Depreciation on equipment sold $ 10 Less: Beginning balance of accumulated depreciations -70 Depreciation expense $ 23 Particulars Ending balance of equipment Add: Equipment sold Less: Beginning balance of equipment Additions to property, plant, and equipment Amount $ 509 $ 30 $ -431 $ 108 Particulars Beginning balance of retained earnings Add: Net income Less: Ending balance of retained earnings Cash dividends paid Amount $ 96 $ 66 $ -126 $ 36

B N A с 1 Weaver Company Statement of Cash Flows-Indirect Method (partial) 3 Net Income $ 66 4 Adjustments to reconcile net income: 5 Depreciation Expense $ 23 6 Gain on sale of investments $ -7 7 Loss on sale of equipment $ 2 8 Increase in Accounts Receivable $ -63 9 Decrease in Inventory $ 44 10 Increase in Prepaid Expense $ -3 11 Increase in Accounts Payable $ 75 12 Decrease in Accrued Liabilities $ -9 13 Increase in Income taxes payable $ 9 14 $ 71 15 Net Cash provided by Operating Activities $ 137 voll

B A C 1 Weaver Company 2 Statement of Cash Flows-Indirect Method (partial) 3 Net Income 66 4 Adjustments to reconcile net income: 5 Depreciation Expense 23 6 Gain on sale of investments -7 7 Loss on sale of equipment 12 8 Increase in Accounts Receivable =231-294 9 Decrease in Inventory 1=196-152 10 Increase in Prepaid Expense =5-8 11 Increase in Accounts Payable =300-225 12 Decrease in Accrued Liabilities =71-80 13 Increase in Income taxes payable =74-65 14 =SUM(B5:313) 15 Net Cash provided by Operating Activities =+C3+C14

с $ 137 A B 17 Weaver Company 18 Statement of Cash Flows 19 For the Year ended December 31 20 Operating activities: 21 Net Cash Provided by Operating Activities 22 Investing activities: 23 Proceeds from sale of long-term investments $ 13 24 Proceeds from sale of equipment $ 18 25 Additions to property, plant, and equipment $-108 26 Net Cash used in Investing Activities 27 Financing activities: 28 Issuance of bonds payable $ 27 29 Repurchase of common stock $ -36 30 Cash dividends paid $ -36 31 Net Cash used in Financing Activities 32 Net increase in cash and cash equivalents 33 Add: Beginning cash and cash equivalents 34 Ending cash and cash equivalents $ -77 $ -45 $ 15 $ 13 $ 28

B 18 A C 17 Weaver Company 18 Statement of Cash Flows 19 For the Year ended December 31 20 Operating activities: 21 Net Cash Provided by Operating Activities 137 22 Investing activities: 23 Proceeds from sale of long-term investments 13 24 Proceeds from sale of equipment 25 Additions to property, plant, and equipment - 108 26 Net Cash used in Investing Activities =+B23+B25+B24 27 Financing activities: 28 Issuance of bonds payable =198-171 29 Repurchase of common stock -36 30 Cash dividends paid 31 Net Cash used in Financing Activities =+B28+B29+B30 32 Net increase in cash and cash equivalents =+C21+C26+C31 33 Add: Beginning cash and cash equivalents 13 34 Ending cash and cash equivalents =+C32+C33 -36