Comparative financial statements for Weaver Company follow: Weaver Company Compa

Question

Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet December 31, 2015 and 2014 2015 2014 $1 $ 12 231 Cash 309 158 Accounts receivable Prepaid expenses Total current assets Property, plant, and equipment 443 432 (85) 72) 360 475 511 Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets 426 $925 $ 834 Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable 301 226 80 72 71 Total current liabilities Bonds payable 370 197 170 540 163200 Total liabilities 641 Common stock Retained earnings 121 94 Total stockholders' equity 284 Total liabilities and stockholders' equity $925 $ 834

Explanation / Answer

Weaver Company Cash Flow Statement   For the year ended December 31, 2015 Cash flows from operating activities Net Income $    64 Adjustment to reconcile net income to: Depreciation expense $      23 $85-$72+$10 Gain on sale of investment $      (5) Loss on sale of equipment $        1 Increase in accounts receivable $   (78) Decrease in inventory $      36 Increase in prepaid expenses $      (3) Increase in accounts payable $      75 Decrease in accrued liabilities $      (8) Increase in income tax payable $        7 $    48 Net cash provided by operating activities $ 112 Cash flows from investing activities Proceeds from sale of equipment $      19 Proceeds from sale of investment $      12 Purchase of equipment $ (109) $432-$511-$30 Net cash used by investing activities $ (78) Cash flows from financing activities Proceeds from issue of bonds $      27 Repurchase of common stock $   (37) Dividend paid $   (37) Net cash used by financing activities $ (47) Net increase in cash and cash equivalents $ (13) Cash and cash equivalents at beginning of period $    12 Cash and cash equivalents at end of period $    (1)

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