Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ 9 $ 21 Accounts receivable 610 380 Inventory 175 240 Prepaid expenses 10 8 Total current assets 804 649 Property, plant, and equipment 690 580 Less accumulated depreciation 80 70 Net property, plant, and equipment 610 510 Long-term investments 10 48 Total assets $ 1,424 $ 1,207 Liabilities and Stockholders’ Equity Accounts payable $ 400 $ 290 Accrued liabilities 50 60 Income taxes payable 85 78 Total current liabilities 535 428 Bonds payable 390 280 Total liabilities 925 708 Common stock 341 450 Retained earnings 158 49 Total stockholders’ equity 499 499 Total liabilities and stockholders’ equity$ 1,424 $ 1,207 Weaver Company Income Statement For This Year Ended December 31 Sales $880 Cost of goods sold 490 Gross margin 390 Selling and administrative expenses 203 Net operating income 187 Nonoperating items: Gain on sale of investments $12 Loss on sale of equipment (9) 3 Income before taxes 190 Income taxes 57 Net income $133 During this year, Weaver sold some equipment for $10 that had cost $49 and on which there was accumulated depreciation of $30. In addition, the company sold long-term investments for $50 that had cost $38 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $109 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 of cash flows for this year
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