The following are the Balance Sheets for Larry's as of March 31, 2021 and June 30, 2021: March 31, 2021 $ 17,500 June 30, 2021 S 25,000 9,500 1,600 2,700 38,800 94,000 100,000 (2,200) (4,000) 17,000 Total Property, Plant & Equipment 204,800 Total Assets $243.600 Assets Cash Accounts Receivable Supplies Prepaid Insurance 17,500 40,000 100,000 (500) (1,000) 20,000 158,500 Total Current Assets Equipment Building Accumulated Depreciation Equipment Accumulated Depreciation Building Land $176.000 Liabilities Wages Payable Interest Payable 2$ 500 500 105,000 50,000 Total Liabilities 155,500 Total Current Liabilities 0. Note Payable Long-Term Note Payable for Equipment 110,000 110,000 Owners' Equity Common Stock 6,000 54,000 28,100 88,100 Total Liabilities and Equity $243.600 6,000 54,000 6,000 66,000 $176.000 Paid-in Capital in Excess of Par Value Retained Earnings Total Owners' Equity vit The following is additional information for the period April 1 to June 30, 2021: D $50,000 of Equipment was purchased by issuing a Note to the equipment vendor. No cash was paid to the vendor. D $4,000 of Equipment was purchased for $4,000 cash. D Land was sold for $5,000 cash. The land had a cost of $3,000; thus there was a $2,000 gain on the sale of the land. The $2,000 gain is included in Net Income. D A $5,000 cash payment was made to pay down the Note Payable Long-Term. D The April1 to June 30, 2021 Income Statement showed Net Income of $30,100. D An $8,000 dividend was declared and paid during the period April 1 to June 30, 2021. -Fi pril
The following are the Balance Sheets for Larry's as of March 31, 2021 and June 30, 2021: March 31, 2021 $ 17,500 June 30, 2021 S 25,000 9,500 1,600 2,700 38,800 94,000 100,000 (2,200) (4,000) 17,000 Total Property, Plant & Equipment 204,800 Total Assets $243.600 Assets Cash Accounts Receivable Supplies Prepaid Insurance 17,500 40,000 100,000 (500) (1,000) 20,000 158,500 Total Current Assets Equipment Building Accumulated Depreciation Equipment Accumulated Depreciation Building Land $176.000 Liabilities Wages Payable Interest Payable 2$ 500 500 105,000 50,000 Total Liabilities 155,500 Total Current Liabilities 0. Note Payable Long-Term Note Payable for Equipment 110,000 110,000 Owners' Equity Common Stock 6,000 54,000 28,100 88,100 Total Liabilities and Equity $243.600 6,000 54,000 6,000 66,000 $176.000 Paid-in Capital in Excess of Par Value Retained Earnings Total Owners' Equity vit The following is additional information for the period April 1 to June 30, 2021: D $50,000 of Equipment was purchased by issuing a Note to the equipment vendor. No cash was paid to the vendor. D $4,000 of Equipment was purchased for $4,000 cash. D Land was sold for $5,000 cash. The land had a cost of $3,000; thus there was a $2,000 gain on the sale of the land. The $2,000 gain is included in Net Income. D A $5,000 cash payment was made to pay down the Note Payable Long-Term. D The April1 to June 30, 2021 Income Statement showed Net Income of $30,100. D An $8,000 dividend was declared and paid during the period April 1 to June 30, 2021. -Fi pril
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Problem 12-4
The following are the Balance Sheets for Larry's as of March 31, 2021 and June 30, 2021:
March 31, 2021
$ 17,500
June 30, 2021
$ 25,000
9,500
1,600
2,700
38,800
94,000
100,000
(2,200)
(4,000)
17.000
204,800
Total Assets $243.600
Assets
Cash
Accounts Receivable
0.
Supplies
Prepaid Insurance
17,500
40,000
100,000
(500)
(1,000)
20,000
158,500
Total Current Assets
Equipment
Building
Accumulated Depreciation Equipment
Accumulated Depreciation Building
Land
Total Property, Plant & Equipment
E
$176.000
Liabilities
Wages Payable
Interest Payable
$.
2$
0.
500
500
105,000
50.000
155,500
Total Current Liabilities
Op
Note Payable Long-Term
Note Payable for Equipment
110,000
iviti
Total Liabilities
110,000
Owners' Equity
Common Stock
Paid-in Capital in Excess of Par Value
Retained Earnings
6,000
54,000
28,100
88,100
Total Liabilities and Equity $243.600
6,000
54,000
6,000
66,000
$176.000
by In
Total Owners' Equity
Activit
The following is additional information for the period April 1 to June 30, 2021:
D $50,000 of Equipment was purchased by issuing a Note to the equipment vendor. No cash
was paid to the vendor.
D $4,000 of Equipment was purchased for $4,000 cash.
D Land was sold for $5,000 cash. The land had a cost of $3,000; thus there was a $2,000
gain on the sale of the land. The $2,000 gain is included in Net Income.
D A $5,000 cash payment was made to pay down the Note Payable Long-Term.
D The April1 to June 30, 2021 Income Statement showed Net Income of $30,100.
D An $8,000 dividend was declared and paid during the period April 1 to June 30, 2021.
ed by Fi
Conve
fo
-m April
Use the following
Transcribed Image Text:Larry's Landscaping
Statement of Cash Flows (Indirect Method)
for the Period April 1 to June 30, 2021
Cash Flows from Operating Activities
Net Income
Cash Provided by Operating Activities
Cash Flows from Investing Activities
Cash Provided by Investing Activities
Cash Flows from Financing Activities
Cash Used by Financing Activities
Increase in Cash from April 1 to June 30, 2021
Beginning Cash Balance April 1, 2021
Increase in Cash from April 1 to June 30, 2021
Ending Cash Balance June 30, 2021
NonCash Investing and FinancingActivities
12-1
12-2
12-3
12-4
Ready
Wyse
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