• The consolidated balance sheets for the Landon Lumber Company at the beginning and end of 2009 follow. The company bought $50 million worth of fixed assets. The charge for depreciation in 2009 was $10 million. Net income was $33 million, and the company paid out $5 million in dividends. a. Fill in the amount of the source or use in the appropriate column. LANDON LUMBER COMPANY: BALANCE SHEET AT BEGINNING AND END OF 2009 (Millions of Dollars) Cash Marketable Securities Net Receivables Inventories Total current assets Gross fixed assets Less accumulated depreciation Net fixed assets Total assets Accounts Payable Notes Payable Other Current Liabilities Long-term debt Common Stock Retained Earnings Total Liabilities and equity Notes: Total sources must equal total uses. b. Prepare a statement of cash flows c. Briefly summarize your findings. Jan. 1 $7 0 30 53 $ 90 Jan. 1 75 25 $50 $140 $ 18 3 15 8 29 67 $140 Dec. 31 Source $ 15 3=2 11 22 75 $ 123 $ 15 Dec. 31 Source 125 35 $ 90 $213 1 Է ԵՐԵ 15 7 CHANGE 24 57 95 $213 Use CHANGE Use

• The consolidated balance sheets for the Landon Lumber Company at the beginning and end of 2009 follow. The company bought $50 million worth of fixed assets. The charge for depreciation in 2009 was $10 million. Net income was $33 million, and the company paid out $5 million in dividends. a. Fill in the amount of the source or use in the appropriate column. LANDON LUMBER COMPANY: BALANCE SHEET AT BEGINNING AND END OF 2009 (Millions of Dollars) Cash Marketable Securities Net Receivables Inventories Total current assets Gross fixed assets Less accumulated depreciation Net fixed assets Total assets Accounts Payable Notes Payable Other Current Liabilities Long-term debt Common Stock Retained Earnings Total Liabilities and equity Notes: Total sources must equal total uses. b. Prepare a statement of cash flows c. Briefly summarize your findings. Jan. 1 $7 0 30 53 $ 90 Jan. 1 75 25 $50 $140 $ 18 3 15 8 29 67 $140 Dec. 31 Source $ 15 3=2 11 22 75 $ 123 $ 15 Dec. 31 Source 125 35 $ 90 $213 1 Է ԵՐԵ 15 7 CHANGE 24 57 95 $213 Use CHANGE Use

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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