I need help to work on these problems. P 5.6 (LO23) (Preperation 0f a statement of Cash Elows anda Bali Sheet) Lansbury Jnc had the following balance sheetBal. SheetAccounts Pay.$29000Notes Pay. Clong-lermo 4],000Aclounts Receiv.Invest.Retained Egrn.Plant assets (net) 81000ूर90During 2020y thefollowing occurred.I. Lansbury Inc. Sold Part of its debt invest. Portfolio for $15000.This transaction resulted in a gain ofComPany classifies these invest. 1s qvailable-for-sale.2. A tract of land was Purchased for $13,000 cash3. Long-term notes pay. in the amount of $16,000 Were reticed$3400 for the fim Thebefore 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 $42,600and 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. 32,2203/ How might the statement of cash flowS help the user of thefinancial statements? Compute tro cash flow ratios.

PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS Lansbury Inc.Statement of Cash FlowsFor the year…

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

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
JEY-4322 Inc. reported the following data for last year: JEY-4322 Inc.Balance Sheet Beginning BalanceEnding BalanceAssets Cash$ 128,000$ 139,000Accounts receivable331,000481,000Inventory567,000471,000Plant and equipment, net894,000869,000Investment in Tesla Inc.400,000428,000Land (undeveloped)246,000249,000Total assets$ 2,566,000$ 2,637,000Liabilities and Stockholders' Equity Accounts payable$ 382,000$ 341,000Long-term debt981,000981,000Stockholders' equity1,203,0001,315,000Total liabilities and stockholders' equity$ 2,566,000$ 2,637,000 JEY-4322 Inc.Income StatementSales $ 3,880,000Operating expenses 3,336,800Net operating income 543,200Interest and taxes: Interest expense$ 111,000 Tax expense197,000308,000Net income $ 235,200 JEY-4322 Inc. paid dividends of $123,200 last year. The “Investment in Tesla Inc.” item on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return is 15%. What was the company’s residual income…
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