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Question & Answer: Comparative financial statements for Weaver Company follow:…..

Comparative financial statements for Weaver Company follow:

Weaver Company Comparative Balance Sheet December 31, 2015 and 2014

Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet December 31, 2015 and 2014 2015 2014 Assets Cash Accounts receivable Inventory Prepaid expenses $ 2 $ 12 229 194 5 306 158 8 Total current assets 474 440 Property, plant, and equipment 512 434 Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets (86) 426 25 (72) 362 31 $925 $ 833 Liabilities and Stockholders Equity Accounts payable Accrued liabilities Income taxes payable $303 $225 80 64 71 71 445 197 369 170 Total current liabilities Bonds payable Total liabilities 642 539 161 122 200 Common stock Retained earnings 94 294 $925 $ 833 Total stockholders equity 283 Total liabilities and stockholders equity

Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet December 31, 2015 and 2014 2015 2014 Assets Cash Accounts receivable Inventory Prepaid expenses $ 2 $ 12 229 194 5 306 158 8 Total current assets 474 440 Property, plant, and equipment 512 434 Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets (86) 426 25 (72) 362 31 $925 $ 833 Liabilities and Stockholders’ Equity Accounts payable Accrued liabilities Income taxes payable $303 $225 80 64 71 71 445 197 369 170 Total current liabilities Bonds payable Total liabilities 642 539 161 122 200 Common stock Retained earnings 94 294 $925 $ 833 Total stockholders’ equity 283 Total liabilities and stockholders’ equity

Expert Answer

 

Weaver Company
Statement of cash flows-Indirect Method
For this year ended December 31, 2015
Operating activities:
Net Income $          67
Adjsutments to Convert net income to cash basis:
Decrease in accrued liabilities $           -9
Decrease in Inventories $          36
Depreciation $          24
Increase in accounts payable $          78
Increase in Accounts receivable $         -77
Increase in Income tax Payable $             7
Increase in prepaid expenses $           -3
Gain on sale of Investment $           -6
Los on ale of Equipment $             1 $          51
Cash flow from Operating activities a $        118
Investing Activities:
Addition to Plant and Equipment $      -108
Proceeds from sale of long term Investments $          12
Proceeds from sale of Equipments $          19
Cash flow from investing acivities b $         -77
Financing Activities:
Cash dividends $         -39
Issuance of bonds payable $          27
repurchase of common stock $         -39
Cash flow from financing activities c $         -51
Cash flow for the year d=a+b+c $         -10
Beginning cash and cash equivalents e $          12
Ending cash and cash equivalents d+e $             2
Workings:
a. Depreciation expenses
Beginning Accumulated depreciation $          72
Accumulated depreciation of sold equipment $         -10
a $          62
Ending Accumulated Depreciation b $          86
Depreciation expenses b-a $          24
b.Addition to Plant and Equipment
Beginning Plant and Equipment $        434
Cost of sold equipment $         -30
a $        404
Ending Plant and equipment b $        512
Addition to Plant and Equipment b-a $        108
c.Cash dividends
Beginning Retained Earning a $          94
Net Income b $          67
Endiing Retained Earning c $        122
Cash dividends paid a+b-c $          39
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