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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Format Painter
board
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Larry's Landscaping
Statement of Cash Flows (Indirect Method)
for the Period March 1 to March 31, 2021
Cash Flows from Operating Activities
Net Income
Cash Provided by Operating Activities
Cash Flows from Investing Activities
Cash Used by Investing Activities
Cash Flows from Financing Activities
Cash Provided by Financing Activities
Increase in Cash from March 1 to March 31, 2021
Beginning Cash Balance March 1, 2021
Increase in Cash from March 1 to March 31, 2021
Ending Cash Balance March 31, 2021
11-1
11-2
11-3
11-4
Ready](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6f4ac6fb-7c2d-49e0-bce9-4eff5d37a9ac%2F474705f1-a55c-4a42-9879-b8108e6ee281%2F9l5rhdb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Format Painter
board
Font
Alignment
fe
Larry's Landscaping
Statement of Cash Flows (Indirect Method)
for the Period March 1 to March 31, 2021
Cash Flows from Operating Activities
Net Income
Cash Provided by Operating Activities
Cash Flows from Investing Activities
Cash Used by Investing Activities
Cash Flows from Financing Activities
Cash Provided by Financing Activities
Increase in Cash from March 1 to March 31, 2021
Beginning Cash Balance March 1, 2021
Increase in Cash from March 1 to March 31, 2021
Ending Cash Balance March 31, 2021
11-1
11-2
11-3
11-4
Ready
![Larry's Landscaping, Inc. Starts Business
On January 1, 2021, Larry's Landscaping, Inc. started business. Larry's Landscaping was started
by 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 Plant
was the only transaction in January 2021.
Alt
In February 2021, to continue the financing of the start-up of the business, Larry's Landscaping
issued Common Stock to additional owners and borrowed on a long-term note from the bank. Also
in February, Larry's Landscaping invested in various items of Property, Plant, & Equipment needed
to operate the business. These items of Property, Plant, & Equipment were not placed into service
until 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 landscaping
services for customers.
The following are the Balance Sheets for Larry's Landscaping as of February 28, 2021 (the end of
last period) and March 31, 2021 (the end of this period):
Larry's Landscaping
Balance Sheets
as of the End of February and March 2021
March 31, 2021
February 28, 2021
Assets
$ 15,000
$ 17,500
17,500
Cash
Total Current Assets
15,000
25,000
100,000
Equipment
Building
Accumulated Depreciation Equipment..
Accumulated Depreciation Building
40,000
100,000
(500)
(1,000)
20,000
Total Property, Plant & Equipment 158,500
Total Assets $176.000
.....
20,000
145,000
Land
$160,000
Liabilities
Note Payable Long-Term
$110,000
110,000
$100,000
100,000
.....................
Total Liabilities
Owners' Equity
6,000
54,000
Common Stock
Paid-in Capital in Excess of Par Value
Retained Earnings
6,000
54,000
6,000
66,000
Total Owners' Equity
60,000
Total Liabilities and Equity $176,000
$160,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6f4ac6fb-7c2d-49e0-bce9-4eff5d37a9ac%2F474705f1-a55c-4a42-9879-b8108e6ee281%2Fhgtuzmr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Larry's Landscaping, Inc. Starts Business
On January 1, 2021, Larry's Landscaping, Inc. started business. Larry's Landscaping was started
by 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 Plant
was the only transaction in January 2021.
Alt
In February 2021, to continue the financing of the start-up of the business, Larry's Landscaping
issued Common Stock to additional owners and borrowed on a long-term note from the bank. Also
in February, Larry's Landscaping invested in various items of Property, Plant, & Equipment needed
to operate the business. These items of Property, Plant, & Equipment were not placed into service
until 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 landscaping
services for customers.
The following are the Balance Sheets for Larry's Landscaping as of February 28, 2021 (the end of
last period) and March 31, 2021 (the end of this period):
Larry's Landscaping
Balance Sheets
as of the End of February and March 2021
March 31, 2021
February 28, 2021
Assets
$ 15,000
$ 17,500
17,500
Cash
Total Current Assets
15,000
25,000
100,000
Equipment
Building
Accumulated Depreciation Equipment..
Accumulated Depreciation Building
40,000
100,000
(500)
(1,000)
20,000
Total Property, Plant & Equipment 158,500
Total Assets $176.000
.....
20,000
145,000
Land
$160,000
Liabilities
Note Payable Long-Term
$110,000
110,000
$100,000
100,000
.....................
Total Liabilities
Owners' Equity
6,000
54,000
Common Stock
Paid-in Capital in Excess of Par Value
Retained Earnings
6,000
54,000
6,000
66,000
Total Owners' Equity
60,000
Total Liabilities and Equity $176,000
$160,000
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