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1. Prepare a spreadsheet to support Lamberson Company's 2016 statement of cash flows. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. LAMBERSON COMPANY Cash Flows Worksheet Notes Payable (long-term) 3,500 For Year Ended December 31, 2016 12% Bonds Payable 10,000 Balances Worksheet Entries Deferred Income Taxes 800 1,196 01/01/2016 12/31/2016 Change Account Titles Debit Credit Convertible Preferred Stock 9,000 Debits Common Stock, $10 par 14,000 21,500 Cash 1,400 2,400 Additional Paid-in Capital 8,700 13,700 Noncash Accounts: Unrealized Increase in Value of 50 800 Accounts Receivable 2,800 2,690 Marketable Securities Marketable Securities Retained Earnings 1,700 3,000 10,000 14,100 Allow for Change in Value 500 800 Totals 69,800 85,400 Inventories 8,100 7,910 Worksheet Entries Prepaid Items 1,300 1,710 Debit Credit Investments (long-term) 7,000 5,400 Cash Flows from Operating Activities: Land 15,000 15,000 Buildings and Equipment 32,000 46,200 Discount on Bonds Payable 290 Totals 69,800 85,400 Sredits Accumulated Depreciation 16,000 16,400 Accounts Payable 3,800 4,150 Income taxes Payable 2,400 2,504 Wages Payable 1.100 650

1. Prepare a spreadsheet to support Lamberson Company's 2016 statement of cash flows. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. LAMBERSON COMPANY Cash Flows Worksheet Notes Payable (long-term) 3,500 For Year Ended December 31, 2016 12% Bonds Payable 10,000 Balances Worksheet Entries Deferred Income Taxes 800 1,196 01/01/2016 12/31/2016 Change Account Titles Debit Credit Convertible Preferred Stock 9,000 Debits Common Stock, $10 par 14,000 21,500 Cash 1,400 2,400 Additional Paid-in Capital 8,700 13,700 Noncash Accounts: Unrealized Increase in Value of 50 800 Accounts Receivable 2,800 2,690 Marketable Securities Marketable Securities Retained Earnings 1,700 3,000 10,000 14,100 Allow for Change in Value 500 800 Totals 69,800 85,400 Inventories 8,100 7,910 Worksheet Entries Prepaid Items 1,300 1,710 Debit Credit Investments (long-term) 7,000 5,400 Cash Flows from Operating Activities: Land 15,000 15,000 Buildings and Equipment 32,000 46,200 Discount on Bonds Payable 290 Totals 69,800 85,400 Sredits Accumulated Depreciation 16,000 16,400 Accounts Payable 3,800 4,150 Income taxes Payable 2,400 2,504 Wages Payable 1.100 650

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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**Lamberson Company Cash Flows Worksheet** *For Year Ended December 31, 2016* --- ### Account Balances **Debits** - **Cash** - 01/01/2016: $1,400 - 12/31/2016: $2,400 **Noncash Accounts:** - **Accounts Receivable** - 01/01/2016: $2,800 - 12/31/2016: $2,690 - **Marketable Securities** - 01/01/2016: $1,700 - 12/31/2016: $800 - **Allow for Change in Value** - 01/01/2016: $500 - 12/31/2016: $700 - **Inventories** - 01/01/2016: $8,100 - 12/31/2016: $7,910 - **Prepaid Items** - 01/01/2016: $1,300 - 12/31/2016: $1,100 - **Investments (long-term)** - 01/01/2016: $7,000 - 12/31/2016: $7,000 - **Land** - 01/01/2016: $15,000 - 12/31/2016: $15,000 - **Buildings and Equipment** - 01/01/2016: $32,000 - 12/31/2016: $46,200 - **Discount on Bonds Payable** - 01/01/2016: $400 - 12/31/2016: $290 - **Totals** - 01/01/2016: $69,800 - 12/31/2016: $85,400 **Credits** - **Accumulated Depreciation** - 01/01/2016: $16,000 - 12/31/2016: $16,400 - **Accounts Payable** - 01/01/2016: $3,800 - 12/31/2016: $4,
Transcribed Image Text:**Lamberson Company Cash Flows Worksheet** *For Year Ended December 31, 2016* --- ### Account Balances **Debits** - **Cash** - 01/01/2016: $1,400 - 12/31/2016: $2,400 **Noncash Accounts:** - **Accounts Receivable** - 01/01/2016: $2,800 - 12/31/2016: $2,690 - **Marketable Securities** - 01/01/2016: $1,700 - 12/31/2016: $800 - **Allow for Change in Value** - 01/01/2016: $500 - 12/31/2016: $700 - **Inventories** - 01/01/2016: $8,100 - 12/31/2016: $7,910 - **Prepaid Items** - 01/01/2016: $1,300 - 12/31/2016: $1,100 - **Investments (long-term)** - 01/01/2016: $7,000 - 12/31/2016: $7,000 - **Land** - 01/01/2016: $15,000 - 12/31/2016: $15,000 - **Buildings and Equipment** - 01/01/2016: $32,000 - 12/31/2016: $46,200 - **Discount on Bonds Payable** - 01/01/2016: $400 - 12/31/2016: $290 - **Totals** - 01/01/2016: $69,800 - 12/31/2016: $85,400 **Credits** - **Accumulated Depreciation** - 01/01/2016: $16,000 - 12/31/2016: $16,400 - **Accounts Payable** - 01/01/2016: $3,800 - 12/31/2016: $4,
**Spreadsheet and Statement of Cash Flows** The following information was taken from Lamberson Company's accounting records: --- ### Account Balances | Account Titles | January 1, 2016 | December 31, 2016 | |----------------|-----------------|-------------------| | **Debits** | | | | Cash | $1,400 | $2,400 | | Accounts Receivable (net) | 2,800 | 2,690 | | Marketable Securities (at cost) | 1,700 | 3,000 | | Allowance for Change in Value | 500 | 800 | | Inventories | 8,100 | 7,910 | | Prepaid Items | 1,300 | 1,710 | | Investments (long-term) | 7,000 | 5,400 | | Land | 15,000 | 15,000 | | Buildings and Equipment | 32,000 | 46,200 | | Discount on Bonds Payable | - | 290 | | **Total Debits** | $69,800 | $85,400 | | **Credits** | | | |-------------|-----------------|-------------------| | Accumulated Depreciation | 16,000 | 16,400 | | Accounts Payable | 3,800 | 4,150 | | Income Taxes Payable | 2,400 | 2,504 | | Wages Payable | 1,100 | 650 | | Interest Payable | - | 400 | | Note Payable (long-term) | 3,500 | - | | 12% Bonds Payable | - | 10,000 | | Deferred Taxes Payable | 800 | 1,196 | | Convertible Preferred Stock, $100 par | 9,000 | - | | Common Stock, $10 par | 14,000 | 21,500 | | Additional Paid-in Capital | 8,700 | 13,100 | | Unrealized Increase in Value of Marketable Securities | 500 | 800 | | Retained Earnings | 10,000 | 14,100 | | **Total Credits** | $69,800 | $85,400 | --- ### Additional Information for the Year: a. - Sales: $39,930 - Cost of goods sold: (19,890) - Depreciation expense: (2
Transcribed Image Text:**Spreadsheet and Statement of Cash Flows** The following information was taken from Lamberson Company's accounting records: --- ### Account Balances | Account Titles | January 1, 2016 | December 31, 2016 | |----------------|-----------------|-------------------| | **Debits** | | | | Cash | $1,400 | $2,400 | | Accounts Receivable (net) | 2,800 | 2,690 | | Marketable Securities (at cost) | 1,700 | 3,000 | | Allowance for Change in Value | 500 | 800 | | Inventories | 8,100 | 7,910 | | Prepaid Items | 1,300 | 1,710 | | Investments (long-term) | 7,000 | 5,400 | | Land | 15,000 | 15,000 | | Buildings and Equipment | 32,000 | 46,200 | | Discount on Bonds Payable | - | 290 | | **Total Debits** | $69,800 | $85,400 | | **Credits** | | | |-------------|-----------------|-------------------| | Accumulated Depreciation | 16,000 | 16,400 | | Accounts Payable | 3,800 | 4,150 | | Income Taxes Payable | 2,400 | 2,504 | | Wages Payable | 1,100 | 650 | | Interest Payable | - | 400 | | Note Payable (long-term) | 3,500 | - | | 12% Bonds Payable | - | 10,000 | | Deferred Taxes Payable | 800 | 1,196 | | Convertible Preferred Stock, $100 par | 9,000 | - | | Common Stock, $10 par | 14,000 | 21,500 | | Additional Paid-in Capital | 8,700 | 13,100 | | Unrealized Increase in Value of Marketable Securities | 500 | 800 | | Retained Earnings | 10,000 | 14,100 | | **Total Credits** | $69,800 | $85,400 | --- ### Additional Information for the Year: a. - Sales: $39,930 - Cost of goods sold: (19,890) - Depreciation expense: (2
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