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P 5.6 (L0 23) (Prereration 0f a statement at Cash Elaws ond A Bal, Sheet) Lansbury Inc had the following balance sheet Bal. Sheet Dec.31,2019 Accounts PaY No tes Pay. (long-thmo 4],000 $2g000 Allounts Receiv. Invest. Retained Egm Plant assets (net) 8]o00 During 2020y the following occurced I. Lansbury Inc. sold Part of its debt invest. Portfolio for $1500. This transaction resulted in a Sain of $3,400 for the finmi The ComPany classifies these invest, As qvailable-for-sale. 2A tract of land was Purchased for $73000 cash 3. Long-term notes PaY. in the amount of $16o00 were retired before maturity by PaYing F36j000 Cash An additional $o00 in common Stock was issved at Par Dividends of $8jloo rere declared and Paid to stockhedders. Net income for 2020 was 332p00 after gllowing for depre. Lood was Purchased through te isswance of 335,000.in bonds, L

P 5.6 (L0 23) (Prereration 0f a statement at Cash Elaws ond A Bal, Sheet) Lansbury Inc had the following balance sheet Bal. Sheet Dec.31,2019 Accounts PaY No tes Pay. (long-thmo 4],000 $2g000 Allounts Receiv. Invest. Retained Egm Plant assets (net) 8]o00 During 2020y the following occurced I. Lansbury Inc. sold Part of its debt invest. Portfolio for $1500. This transaction resulted in a Sain of $3,400 for the finmi The ComPany classifies these invest, As qvailable-for-sale. 2A tract of land was Purchased for $73000 cash 3. Long-term notes PaY. in the amount of $16o00 were retired before maturity by PaYing F36j000 Cash An additional $o00 in common Stock was issved at Par Dividends of $8jloo rere declared and Paid to stockhedders. Net income for 2020 was 332p00 after gllowing for depre. Lood was Purchased through te isswance of 335,000.in bonds, L

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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P 5.6 (LO23) (Preperation 0f a statement of Cash Elows and a Bali Sheet) Lansbury Jnc had the following balance sheet Bal. Sheet Accounts Pay. $29000 Notes Pay. Clong-lermo 4],000 Aclounts Receiv. Invest. Retained Egrn. Plant assets (net) 81000 ूर 90 During 2020y thefollowing occurred. I. Lansbury Inc. Sold Part of its debt invest. Portfolio for $15000. This transaction resulted in a gain of ComPany classifies these invest. 1s qvailable-for-sale. 2. A tract of land was Purchased for $13,000 cash 3. Long-term notes pay. in the amount of $16,000 Were reticed $3400 for the fim The before maturitY by PaYing $IfjooD cash. 4. An additional $20j000 in common Stock was issued at Par. Dividends of $83o vrere declared and Paid to stockhdlders. Net income tor 2020 was $32po0 after glowing for depre. 000000-
Transcribed Image Text:P 5.6 (LO23) (Preperation 0f a statement of Cash Elows and a Bali Sheet) Lansbury Jnc had the following balance sheet Bal. Sheet Accounts Pay. $29000 Notes Pay. Clong-lermo 4],000 Aclounts Receiv. Invest. Retained Egrn. Plant assets (net) 81000 ूर 90 During 2020y thefollowing occurred. I. Lansbury Inc. Sold Part of its debt invest. Portfolio for $15000. This transaction resulted in a gain of ComPany classifies these invest. 1s qvailable-for-sale. 2. A tract of land was Purchased for $13,000 cash 3. Long-term notes pay. in the amount of $16,000 Were reticed $3400 for the fim The before maturitY by PaYing $IfjooD cash. 4. An additional $20j000 in common Stock was issued at Par. Dividends of $83o vrere declared and Paid to stockhdlders. Net income tor 2020 was $32po0 after glowing for depre. 000000-
At Dec.31,2020, (ash was 37bo00 Acounts Receiv. Was $42,600 and Accounts PaY. remuined qt $3 gooo. Instructions: 1. Prepare a statement of Cash flows for Z020. W Prepare an undassified bal Sheet as this Would appear aat DAC. 32,220 3/ How might the statement of cash flowS help the user of the financial statements? Compute tro cash flow ratios.
Transcribed Image Text:At Dec.31,2020, (ash was 37bo00 Acounts Receiv. Was $42,600 and Accounts PaY. remuined qt $3 gooo. Instructions: 1. Prepare a statement of Cash flows for Z020. W Prepare an undassified bal Sheet as this Would appear aat DAC. 32,220 3/ How might the statement of cash flowS help the user of the financial statements? Compute tro cash flow ratios.
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