The following are the Balance Sheets for Larry's Landscaping as of May 31, 2021 (the end of last period) and June 30, 2021 (the end of this period): June 30, 2021 May 31, 2021 Assets Cash $ 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 $ 18,000 6,000 1,100 3,000 28,100 44,000 100,000 (1,600) (3,000) 20,000 159,400 $187.500 Accounts Receivable Supplies Prepaid Insurance Total Current Assets Equipment Building Accumulated Depreciation Equipment Accumulated Depreciation Building Land Liabilities Wages Payable Interest Payable $ 1,500 0. 500 500 105,000 50,000 155,500 1,500 105,000 Total Current Liabilities Note Payable Long-Term Note Payable for Equipment Total Liabilities 106,500 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 21,000 81,000 $187.500 Total Owners' Equity Ac The following is additional information for the period June 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 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. The Income Statement for June showed a Net Income of $15,100. An $8,000 dividend was declared and paid in June. e 30 30, 20 une 30

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question
100%
Larry's Landscaping
Statement of Cash Flows (Indirect Method)
for the Period June 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 June 1 to June 30, 2021
Beginning Cash Balance June 1, 2021
Increase in Cash from June 1 to June 30, 2021
Ending Cash Balance June 30, 2021
NonCash Investing and Financing Activities
12-1
12-2
12-4
+)
Ready
OR
Wyse
Transcribed Image Text:Larry's Landscaping Statement of Cash Flows (Indirect Method) for the Period June 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 June 1 to June 30, 2021 Beginning Cash Balance June 1, 2021 Increase in Cash from June 1 to June 30, 2021 Ending Cash Balance June 30, 2021 NonCash Investing and Financing Activities 12-1 12-2 12-4 +) Ready OR Wyse
The following are the Balance Sheets for Larry's Landscaping as of May 31, 2021 (the end of last
period) and June 30, 2021 (the end of this period):
June 30, 2021
May 31, 2021
Assets
Cash
Accounts Receivable
$ 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
$ 18,000
6,000
1,100
3,000
28,100
44,000
100,000
(1,600)
(3,000)
20,000
159,400
$187.500
Supplies
Prepaid Insurance
Total Current Assets
Equipment
Building
Accumulated Depreciation Equipment
Accumulated Depreciation Building
Land
Liabilities
Wages Payable
Interest Payable
%24
$4
1,500
Doc
500
500
105,000
50,000
155,500
Engl.
Total Current Liabilities
Note Payable Long-Term
Note Payable for Equipment
1,500
105,000
Total Liabilities
106,500
Owners' Equity
Common Stock
6,000
54,000
28,100
88,100
Total Liabilities and Equity $243.600
6,000
54,000
21,000
81,000
$187.500
Paid-in Capital in Excess of Par Value
Retained Earnings
Total Owners' Equity
Edr
The following is additional information for the period June 1 to June 30, 2021:
Ac
D $50,000 of Equipment was purchased by issuing a Note to the equipment vendor. No cash
was paid to the vendor
> 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.
2 The Income Statement for June showed a Net Income of $15,100.
2 An $8,000 dividend was declared and paid in June.
Crea
e 30
Comm
30, 20
sune 30
Transcribed Image Text:The following are the Balance Sheets for Larry's Landscaping as of May 31, 2021 (the end of last period) and June 30, 2021 (the end of this period): June 30, 2021 May 31, 2021 Assets Cash Accounts Receivable $ 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 $ 18,000 6,000 1,100 3,000 28,100 44,000 100,000 (1,600) (3,000) 20,000 159,400 $187.500 Supplies Prepaid Insurance Total Current Assets Equipment Building Accumulated Depreciation Equipment Accumulated Depreciation Building Land Liabilities Wages Payable Interest Payable %24 $4 1,500 Doc 500 500 105,000 50,000 155,500 Engl. Total Current Liabilities Note Payable Long-Term Note Payable for Equipment 1,500 105,000 Total Liabilities 106,500 Owners' Equity Common Stock 6,000 54,000 28,100 88,100 Total Liabilities and Equity $243.600 6,000 54,000 21,000 81,000 $187.500 Paid-in Capital in Excess of Par Value Retained Earnings Total Owners' Equity Edr The following is additional information for the period June 1 to June 30, 2021: Ac D $50,000 of Equipment was purchased by issuing a Note to the equipment vendor. No cash was paid to the vendor > 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. 2 The Income Statement for June showed a Net Income of $15,100. 2 An $8,000 dividend was declared and paid in June. Crea e 30 Comm 30, 20 sune 30
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Depreciation Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education