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Category > Accounting Posted 27 May 2017 My Price 8.00

Comparative financial statements for Weaver Company Comparative

Question: Comparative financial statements for Weaver Company Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet December 31, 2014 and 2013 2014 2013 Assets Cash $ 6 $ 12 Accounts receivable 305 228 Inventory 160 196 Prepaid expenses 9 5 Total current assets 480 441 Property, plant, and equipment 511 432 Less accumulated depreciation (86) (71) Net property, plant, and equipment 425 361 Long-term investments 27 33 Total assets $ 932 $ 835 Liabilities and Stockholders' Equity Accounts payable $ 303 $ 225 Accrued liabilities 72 80 Income taxes payable 72 65 Total current liabilities 447 370 Bonds payable 195 170 Total liabilities 642 540 Common stock 163 201 Retained earnings 127 94 Total stockholders’ equity 290 295 Total liabilities and stockholders' equity $ 932 $ 835 Weaver Company Income Statement For the Year Ended December 31, 2014 Sales $ 753 Cost of goods sold 445 Gross margin 308 Selling and administrative expenses 220 Net operating income 88 Nonoperating items: Gain on sale of investments $ 7 Loss on sale of equipment (1) 6 Income before taxes 94 Income taxes 23 Net income $ 71 During 2014, 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. A cash dividend was paid during 2014 and the company repurchased $38 of its own stock. Weaver did not retire any bonds during 2014. Required information Required: 1. Using the indirect method, determine the net cash for operating activities for 2014. (Negative amount should be entered with a minus sign.) 2. Using the information in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for 2014. (List any deduction in cash and cash outflows as negative amounts.)

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Alpha Geek
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Status NEW Posted 27 May 2017 05:05 PM My Price 8.00

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file 1495904722-Answer.docx preview (482 words )
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