Format PainterboardFontAlignmentfeLarry's LandscapingStatement of Cash Flows (Indirect Method)for the Period March 1 to March 31, 2021Cash Flows from Operating ActivitiesNet IncomeCash Provided by Operating ActivitiesCash Flows from Investing ActivitiesCash Used by Investing ActivitiesCash Flows from Financing ActivitiesCash Provided by Financing ActivitiesIncrease in Cash from March 1 to March 31, 2021Beginning Cash Balance March 1, 2021Increase in Cash from March 1 to March 31, 2021Ending Cash Balance March 31, 202111-111-211-311-4Ready Larry's Landscaping, Inc. Starts BusinessOn January 1, 2021, Larry's Landscaping, Inc. started business. Larry's Landscaping was startedby Larry Plant. To start the corporation, Larry Plant purchased $10,000 of Larry's Landscaping,Inc. Common Stock. The issuance of Common Stock by Larry's Landscaping, Inc. to Larry Plantwas the only transaction in January 2021.AltIn February 2021, to continue the financing of the start-up of the business, Larry's Landscapingissued Common Stock to additional owners and borrowed on a long-term note from the bank. Alsoin February, Larry's Landscaping invested in various items of Property, Plant, & Equipment neededto operate the business. These items of Property, Plant, & Equipment were not placed into serviceuntil March 1; thus there will be no Depreciation recorded in the month of February.In March 2021, Larry's Landscaping starting operating the business by performing landscapingservices for customers.The following are the Balance Sheets for Larry's Landscaping as of February 28, 2021 (the end oflast period) and March 31, 2021 (the end of this period):Larry's LandscapingBalance Sheetsas of the End of February and March 2021March 31, 2021February 28, 2021Assets$ 15,000$ 17,50017,500CashTotal Current Assets15,00025,000100,000EquipmentBuildingAccumulated Depreciation Equipment..Accumulated Depreciation Building40,000100,000(500)(1,000)20,000Total Property, Plant & Equipment 158,500Total Assets $176.000.....20,000145,000Land$160,000LiabilitiesNote Payable Long-Term$110,000110,000$100,000100,000.....................Total LiabilitiesOwners' Equity6,00054,000Common StockPaid-in Capital in Excess of Par ValueRetained Earnings6,00054,0006,00066,000Total Owners' Equity60,000Total Liabilities and Equity $176,000$160,000

The cash flow statement is prepared to find the details of cash flow from various activities in the…

Larry's Landscaping Balance Sheets as of the End of February and March 2021 March 31, 2021 February 28, 2021 Assets $ 17,500 17,500 $ 15,000 15,000 Cash Total Current Assets 25,000 100,000 Equipment Building Accumulated Depreciation Equipment.. Accumulated Depreciation Building Land ... 40,000 100,000 (500) (1,000) 20,000 Total Property, Plant & Equipment 158,500 Total Assets $176.000 ..... 20,000 145,000 $160,000 Liabilities Note Payable Long-Term . . $110,000 $100,000 100,000 Total Liabilities 110,000 Owners' Equity 6,000 54,000 6,000 54,000 6,000 66,000 Common Stock Paid-in Capital in Excess of Par Value. Retained Earnings... ...... Total Owners' Equity Total Liabilities and Equity $176.000 60,000 $160,000

Larry's Landscaping Balance Sheets as of the End of February and March 2021 March 31, 2021 February 28, 2021 Assets $ 17,500 17,500 $ 15,000 15,000 Cash Total Current Assets 25,000 100,000 Equipment Building Accumulated Depreciation Equipment.. Accumulated Depreciation Building Land ... 40,000 100,000 (500) (1,000) 20,000 Total Property, Plant & Equipment 158,500 Total Assets $176.000 ..... 20,000 145,000 $160,000 Liabilities Note Payable Long-Term . . $110,000 $100,000 100,000 Total Liabilities 110,000 Owners' Equity 6,000 54,000 6,000 54,000 6,000 66,000 Common Stock Paid-in Capital in Excess of Par Value. Retained Earnings... ...... Total Owners' Equity Total Liabilities and Equity $176.000 60,000 $160,000

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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