Question
In: Accounting
Luo Inc. had the following statement of financial position at December 31, 2014 (amounts in thousands)....
Luo Inc. had the following statement of financial position at December 31, 2014 (amounts in thousands).
|
LUO INC. Statement of Financial Position December 31, 2014 |
|||
|
Investments |
¥ 32,000 |
Share capital—ordinary |
¥100,000 |
|
Plant assets (net) |
81,000 |
Retained earnings |
23,200 |
|
Land |
40,000 |
Bonds payable |
41,000 |
|
Accounts receivable |
21,200 |
Accounts payable |
30,000 |
|
Cash |
20,000 |
||
|
¥194,200 |
¥194,200 |
||
During 2015, the following occurred.
1. Luo liquidated its non-trading equity investment portfolio at a loss of ¥5,000.
2. A tract of land was purchased for ¥38,000.
3. An additional ¥30,000 in ordinary shares were issued at par.
4. Dividends totaling ¥10,000 were declared and paid to shareholders.
5. Net income for 2015 was ¥35,000, including ¥12,000 in depreciation expense.
6. Land was purchased through the issuance of ¥30,000 in additional bonds.
7. At December 31, 2015, Cash was ¥70,200, Accounts Receivable was ¥42,000, and Accounts Payable was ¥40,000.
Instructions
Prepare a statement of cash flows for the year 2015 for Luo.
Solutions
Expert Solution
The answer has been presented in the supporting sheet.
ekkarill92 answered 5 months agoRelated Solutions
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