Comparative financial statements for weaver Company follow: Weaver Company Compa

Question

Comparative financial statements for weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment 309 157 $ 12 229 196 Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets 482 508 85 423 27 $ 932 443 429 71 358 34 $835 Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Lncome taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 303 70 72 445 196 641 165 126 291 $ 932 $226 80 64 370 170 540 200 95 295 $835

Explanation / Answer

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Weaver Company Statement of Cashflows For the year Ended December 31 Cash flows from operating activities Net Income $    66 Adjustments to reconcile net income to : Depreciation expense $   24 85-71+10 Gain on sale of investments $   (5) Loss on sale of equipment $      2 Increase in accounts receivable $ (80) 229-309 Decrease in inventory $   39 196-157 Increase in prepaid expenses $   (3) 6-9 Increase in accounts payable $   77 303-226 Decrease in accrued liabilities $ (10) 70-80 Increase in income tax payable $      8 72-64 $    52 Net cash flow from operating activities $ 118

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