Comparative financial statements for Weaver Company follow:Weaver CompanyComparative Balance Sheetat December 31AssetsCashAccounts receivableInventoryPrepaid expensesTotal current assetsProperty, plant, and equipmentLess accumulated depreciationNet property, plant, and equipmentLong-term investmentsTotal assetsLiabilities and Stockholders' EquityAccounts payableAccrued liabilities.Income taxes payable.ESTotal current liabilitiesnoBonds payableTotal liabilities.Common stockRetained earningsTotal stockholders' equityTotal liabilities and stockholders' equityWeaver CompanyIncome StatementFor This Year Ended December 31SalesCost of goods soldGross marginSelling and administrative expensesNet operating incomeNonoperating items:Gain on sale of investments.Loss on sale of equipmentIncome before taxesIncome taxesNet incomeRequired 1 Required 2$13(3)Adjustments to a cash basis:This Year Last Year$4$ 1637026012518042Adjustments to a cash basis:Selling and administrative expensesAdjustments to a cash basis:Income taxesAdjustments to a cash basis:49023$ 1,016$ 28040$ 760430< Required 1330210120503570638225153378$ 1,01610.8013039$91Complete this question by entering your answers in the tabs below.During this year, Weaver sold some equipment for $16 that had cost $37 and on which there was accumulated depreciation of $18. Inaddition, the company sold long-term investments for $26 that had cost $13 when purchased several years ago. Weaver paid a cashdividend this year and the company repurchased $75 of its own stock. This year Weaver did not retire any bonds.Required:1. Using the direct method, adjust the company's income statement for this year to a cash basis.2. Using the information obtained in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement ofcash flows for this year.73393245Weaver CompanyDirect Method of Determining the Net Cash flows from Operating activitiesUsing the direct method, adjust the company's income statement for this year to a cash basis. (Adjustment amounts that areto be deducted should be indicated with a minus sign.)$4584607039036$ 884$ 230506634616050630078378$ 88400000Required 2 >

cash flow statement is a financial report which summarizes a company's cash inflows from ongoing…

Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable This Year Last Year $4 $ 16 370 260 125 180 4 2 503 570 80 490 23 $ 1,016 $ 280 40 73 393 245 629 458 460 70 390 36 $ 884 $ 230 50 66 346 160 506

Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable This Year Last Year $4 $ 16 370 260 125 180 4 2 503 570 80 490 23 $ 1,016 $ 280 40 73 393 245 629 458 460 70 390 36 $ 884 $ 230 50 66 346 160 506

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 4PB

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Assets Cash Weaver Company Comparative Balance Sheet at December 31 Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income $6 This Year $-26 338 152 8 472 515 81 434 24 $930 $ 301 72 75 448 196 644 163 123 286 $ 930 $ 755 449 306 218 88 4 92 24 $ 68 Last Year $12 229 195 6 442 436 72 364 30 $ 836 $ 226 79 65 370 172 542 201…
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Mirabel Corporation's financial statements for 2020 follow: Sales...... Cost of goods sold. Gross profit.... Operating expenses. Income before taxes. Income taxes.. Net income.. MIRABELCORPORATION Statement of Income For the Year Ended July 31, 2020 Cash. Receivables. Inventory...... MIRABEL CORPORATION Statement of Financial Position July 31, 2020 Property, plant and equipment (net). Total assets. Current liabilities. Non-current liabilities. Common shares. Retained earnings.. Total liabilities and shareholders' equity. Calculate the current ratio (use up to two decimal places) $1,575,000 (976,500) 598,500 (236,250) 362,250 (144,900) $217,350 49,000 143,900 167,800 682,800 $1,043,500 $ 131,000 450,000 250,000 212,500 $1,043,500
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Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 33,964 43,558 21,356 112,283 80,341 14,943 $ 65,398 $ 41,856 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 $ 57,843 0 51,166 32,628 83,794 52,649 10,793 $ 23,890 66,000 $ 20,253 Common stock 66,000 Other paid-in capital 8,250 Retained earnings 41,423 Total liabilities and equity $…
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