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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

Accounting
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 6.5BPR: Multiple step income statement and balance sheet The following selected accounts anti their current...
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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: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
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
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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