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

See similar textbooks

Similar questions

What is the total value of tangible assets that will be reflected in the balance sheet? Land 5,000 Building 40,000 Plant and Equipment 20,000 Commercial Vehicles 35,000 Accumulated Depreciation 30,000 $60,000 O $70,000 O $100,000 O $80,000
Question 21 During year 4, King Company made the following expenditures relating to its plant building: Continuing and frequent repairs Repainted the plant building $40,000 10,000 Major improvements to the electrical wiring system 32,000 Partial replacement of roof tiles 14,000 How much should be charged to repair and maintenance expense in year 4? O $82,000 O $96,000 O $64,000 O$54,000
2. Mark Company
Compute for Net Loss/Income, Capital Ending, Current Assets, Non-current Assets, Current Liability, Non-current Liability
asv.1
Capital Expenditures and Revenue Expenditures Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20. Replaced the transmission at a cost of $4,135. June 11. Paid $1,770 for installation of a hydraulic lift. Nov. 30. Paid $73 to change the oil and air filter. Prepare the journal entries for each expenditure. Mar. 20 fill in the blank 2 fill in the blank 4 June 11 fill in the blank 6 fill in the blank 8 Nov. 30 fill in the blank 10 fill in the blank 12
Materials used in research and development projects $4,500 Equipment acquired that will have alternative future uses in future R&D projects for five years 1,500 Personnel costs of employees involved in R&D projects 5,500 Consulting fees paid to outsiders for R&D projects 2,800 Indirect costs reasonably allocable to R&D projects 250 Legal fees associated with registration of a patent resulting from a 2020 R&D project 2,500 Required: Compute the amount of R&D costs that should be classified as expenses in determining 2020 net income.$fill in the blank 1
1 account treatment opotiom: capitalized/ depreciated or expensed
The following property and equipment section was obtained from a recent Abbott Laboratories 10-K. Property and equipment, at cost Land. $ 370,949 Buildings. Equipment.. Construction in progress.. 2,655,356 8,813,517 920,599 12,760,421 Less: accumulated depreciation and amortization.. Net property and equipment... 6,757,280 $ 6,003.141 Property and Equipment Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets. The following table shows estimated useful lives of property and equipment. Classification Estimated Useful Lives Buildings.. Equipment.. 10 to 50 years (average 27 years) 3 to 20 years (average 11 years) During the year, the company reported $868,808 for depreciation expense. What is Abbott Laboratories' estimated useful life of depreciable assets?
Paragraph Styles A medical facility purchased a new copy machine for the billing office at a price of $25,000,000.00 on January 1, 2021. Its useful life is 6 years with a salvage value of $2,500,000.00. Calculate deprecation for the first 4 years using the following methods: (you may round all figures to the nearest dollar) Straight Line DDB SYD
Property, plant and equipment Ian has provided you with the details of the delivery trucks included in the PPE above, as summarised below: Delivery trucks Urban Swift Metro Mover Total $ $ At cost 114,000 85,000 199,000 Accumulated depreciation - 31 March 2023 (34,200) (4,250) (38,450) Carrying amount – 1 April 2023 79,800 80,750 160,550 Depreciation (11,400) (8,500) (19,900) Carrying amount – 31 March 2024 68,400 72,250 140,650 Remaining useful life as at 1 April 2024 6 years 8.5 years Urban Swift is a Ford F-150 four-door pickup truck with an open cargo at the rear. Ford Australia has stopped producing this model of vehicle and its resale value has improved given the constant demand for this type of truck. Metro Mover is an 18-wheeler truck used for long-distance transport on highways. Both the delivery trucks are depreciated at 10% on a straight-line basis. No acquisitions,…
I'm copying the question from my study guide the question is attached in the photo On July 1, 2022, Blue Spruce Corp. invested $689,920 in a mine estimated to have 784,000 tons of ore of uniform grade. During the last 6 months of 2022, 121,000 tons of ore were mined. depletion cost per unit 0.88