Weaver Company Comparative Balance Sheet December 31, 2015 and 2014 2015 2014 Ca
ID: 2409503 • Letter: W
Question
Weaver Company Comparative Balance Sheet December 31, 2015 and 2014 2015 2014 Cash Accounts recelvable Inventory Prepald expenses $ 2 $ 11 231 196 306 155 9 Total current assets 468 443 Property, plant, and equipment 508 428 Less accumulated depreciation Net property, plant, and equipment Long-term Investments Total assets (86) 422 28 (71) 357 35 $ 918 835 Liabilties and Stockholders' Equity Accounts payable Accrued llabilities Income taxes payable $301 226 79 64 71 72 369 172 Total current llabllitles 198 642 161 Bonds payable Total llabllities 541 Common stock 200 94. 115 Retalned earnings Total stockholders' equity Total liabllties and stockholders' equity 276 294 $ 918 835Explanation / Answer
Weaver Company
Statement of Cash Flows
For the year ended December 31, 2015
(I) Operating activities
Net income for the current year 60
Adjustments to convert net income to cash basis
Provision for tax made 25
Loss on sale of equipments 2
Depreciation provided 25
Less: Gain on sale of investments -5
Operating profits before working capital changes 107
Add: Decrease in current assets
Inventory 41
Less: Increase in current assets
Accounts receivable - 75
Prepaid expenses - 4
Add: Increase in current liabilities
Accounts payables 75
Less: Decrease in current liabilities
Accrued liabilities - 8
Less: Tax paid - 17
Net cash generated from operating activities 119
(II) Investing activities
Sale of investments 12
Sale of equipments 18
Purchase of property, plant and equipments -110
Net cash used in investing activities - 80
(III) Financing activities
Cash dividend paid - 39
Buy back of own stock - 39
Issue of bonds payable 26
Net cash used in financing activities - 52
Net increase in cash and cash equivalents (I+II+III) - 13
Add:Begining cash and cash equivalents 11
Ending cash and cash equivalents - 2
Dr. Provision for tax account Cr.
Cash(Tax paid) 17 Balance b/d 64
Balance c/d 72 Provision for tax made 25
89 89
Dr. Property, plant and equipments account Cr.
Balance b/d 428 Accu. depreciation 10
Cash (Purchases) 110 Cash (sale) 18
(Bal.Fig.) Loss on sale 2
Balance c/d 508
538 538
Dr. Accumulated depreciation account Cr.
Equipment account 10 Balance b/d 71
Balance c/d 86 Depreciation for the current year 25
96 96
Net cash provided by operating activities $119
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.