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The following information applies to the questions displayed below Comporative financial statements for Weaver Company follow Weaver Company Comparative Balance Sheet December 31, 2015 and 2014 2015 2014 Cash Accounts receivable S 4 S 13 231 195 306 Prepaid expenses Total current assets Property. plant, and equipment 477 508 430 (85) 423 26 Net property, plant, and equipment 359 32 $ 926 835 Total assets Liablilities and Stocholders Equity Accounts payable Accrued liabilities Income toxes payable S 301 $225 65 367 73 72 Total current liabilities Bonds payable Total liabilities 645 538 202 95 Common stock 162 119 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 281 297 $ 926 835 Weaver Company Income Statement For the Yeor Ended December 31, 2015 $753 Sales Cost of goods sold Gross morgin Selling ond administrative expenses 307 223 Net operating income Nonoperating items: 84 Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income S 64 During 2015, 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 $13 that had cost $6 when purchased several years ago. A cash dividend was paid during 2015 andl the company repurchased $40 of its own stock. Weaver did not retire any bonds during 2015.

Explanation / Answer

Carlson Corporation Cash Flow Statement Indirect Method Cash Flow from Operating Activities Net Income 64 Add: Loss on sale of Equipment 3 (31-10-18) Depreciation 24 Less: Gain on Sale of Investment -7 Increase in Accounts Receivable -75 Decrease in Inventory 36 Increase in Accounts Payable 76 Income Tax Payable 7 Increase in Prepaid Expenses -3 Decrease in Accrued Liabilities -4 Cash Flow from Operating Activities 121 Cash Flow from Investing Activities Bonds Payable 28 Equipment sold 18 Investment sold 13 Property etc purchased -109 Cash used by Investing Activities -50 Cash Flow from Financing Activities Purchase Treasury Stock -40 Issue of Common Stock Dividend -40 Issue Long term Note Cash Flow from Financing Activities -80 Total Cash Generated -9 Beginning Cash & Cash Equivalent 13 Closing Cash & Cash Equivalent 4 Cash Flow from Operating Activities is $ 121

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