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, 2014 and 2013 2014 2013 Assets Cash Accounts receivable Inventory Prepaid expenses $0 $ 11 231 196 5 308 158 9 Total current assets 475 443 510 (86) 431 (71) Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments 424 360 27 Total assets 926 $ 836 Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable $ 300 71 $ 225 80 63 445 195 Total current liabilities 368 172 Bonds payable Total liabilities 640 540 Common stock Retained earnings 163 123 202 94 Total stockholders' equity 286 296 Total liabilities and stockholders' equity 926 $ 836

Explanation / Answer

Statement of cash flow

Net income

Cash flow from operating activities

Net income

68 Adjustment to reconcile net income Gain on sale of investment (6) Loss on sale of equipment 2 Depreciation exp 25 Increase account receivable (77) Decrease inventory 38 Increase prepaid exp (4) Increase account payable 75 Decrease accured liabilities (9) Increase income tax payable 11 Net cash flow from operating activities 123 Cash flow from investing activities Sale of equipment 18 Sale of investment 12 Purchase of equipment (109) Net cash flow from investing activities (79) Cash flow from financing activities Dividend paid (39) Repurchase treasury stock (39) Issue bonds payable 23 Net cash flow from financing activities (55) Net cash flow (11) Beginning cash 11 Ending cash 0

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