Question
In: Accounting
Landscaping Equipment's accountants assembled the following data for the year ended June 30, 2018. Net income....
Landscaping Equipment's accountants assembled the following data for the year ended June 30, 2018.
|
Net income. . . . . . . . . . . . . . . . . . |
$60,000 |
Purchase of equipment |
||
|
Proceeds from issuance of |
with cash. . . . . . . . . . . . . . . . . . |
$35,000 |
||
|
common stock. . . . . . . . . . |
8,000 |
Decrease in current liabilities. . . . . . . |
2,000 |
|
|
Payment of dividends. . . . . . . . . . |
6,400 |
Payment of long-term |
||
|
Increase in current assets |
note payable. . . . . . . . . . . . . . . |
33,000 |
||
|
other than cash. . . . . . . . . |
33,000 |
Proceeds from sale of land. . . . . . . . . |
63,000 |
|
|
Purchase of treasury stock. . . . . . |
6,000 |
Depreciation expense. . . . . . . . . . . . . |
22,000 |
Prepare Landscaping Equipment's statement of cash flows for the year ended June 30, 20182018, using the indirect method. The cash balance for Landscaping Equipment, Inc., at June30, 2017, was $ 21,000.
Begin by completing the cash flows from operating activities.
Landscaping Equipment, Inc. Statement of Cash Flows Year Ended June 30, 2018
Cash flows from operating activities:
Adjustments to reconcile net income to
net cash provided by operating activities:
Net cash provided by (used for) operating activities
Solutions
Expert Solution
| Landscaping Equipment, Inc. | ||
| Cash Flow Statement | ||
| For this year ended June 30, 2018 | ||
| Cash Flow from Operating Activities: | ||
| Net Income | $ 60,000.00 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation expense | $ 22,000.00 | |
| Increase in current assets | $ (33,000.00) | |
| Decrease in current liabilities | $ (2,000.00) | |
| $ (13,000.00) | ||
| A. Cash Flow from Operating Activities | $ 47,000.00 | |
| Cash Flow from Investing Activities: | ||
| Purchase of Equipment | $ (35,000.00) | |
| Sale of Land | $ 63,000.00 | |
| B. Cash flow from Investing Activities | $ 28,000.00 | |
| Cash Flow from Financing Activities: | ||
| Issue of common stock | $ 8,000.00 | |
| Dividend paid | $ (6,400.00) | |
| Purchase of treasury stock | $ (6,000.00) | |
| Repayment of long term notes payable | $ (33,000.00) | |
| C. Cash Flow from Financing Activities | $ (37,400.00) | |
| Increase (Decrease) in cash [A+B+C] | $ 37,600.00 | |
| Add: cash at the beginning of the year | $ 21,000.00 | |
| Cash at the end of the year | $ 58,600.00 | |
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