Question

LazyDaz, Inc. reported the following for its 2020 financial statements.
Balance Sheet

	Dec 31, 2020	Dec 31, 2019	Difference
Cash	526	315	211
Accounts Receivable	24	16	8
Allow for Doubtful Accounts	(2)	(1)	(1)
Inventory	21	32	(11)
PP&E	1,709	1,750	(41)
Land	809	660	149
Accumulated Depreciation	(314)	(300)	(14)
Patent	6	8	(2)
Total Assets	2,779	2,480
Accounts Payable	37	19	18
Wages Payable	7	10	(3)
Unearned Revenue	12	11	1
Interest Payable	57	50	7
Income Tax Payable	53	83	(30)
Notes Payable	75	0	75
Bonds Payable	783	750	33
Common Stock	1,242	1,100	142
Retained Earnings	513	457	56
Total Liabilities & Equity	2,779	2,480

Income Statement
For the Year Ending Dec 31, 2020

Sales		1,250
Cost of Goods Sold		(648)
Gross Profit		602
Operating Expenses
Wage Expense	(150)
Bad Debt Expense	(1)
Depreciation Expense	(114)
Amortization Expense	(2)
Utilities Expense	(52)
Other Operating Expenses	(151)	(470)
Income From Operations		132
Other
Interest Expense	(11)
Gain (Loss) on Sale of Land	(20)
Gain (Loss) on Sale of PP&E	55	24
Income before Tax Expense		156
Income Tax Expense		(68)
Net Income		88

The financial notes of LazyDaz disclose the following 2020 information:
(1) Property, plant and equipment was sold for cash. The PP&E had an original cost of $400
and accumulated depreciation of $100.
(2) Stock was issued for $120 cash.
(3) Bonds of $30 were retired.
(4) Land with a cost of $140 was sold.
(5) There were two major noncash transactions. PP&E was acquired by issuing a $75 long-term
note. Later in the year, PP&E was acquired by issuing $100 in common stock.
(6) All other transactions were cash transactions.

Can you prepare a Statement of Cash Flows for this information

Answer 1

Cash Flow Statement(Indirect Method)
Cash flow from operating activities:
Net Income		$88
Adjustments for:
Depreciation	114
Amortization	2
Loss on sale of land	20
Gain on sale of PPE	(55)
bad debt expense	1
Increase in accounts receivables	(8)
Decrease in inventory	11
Increase in account payables	18
Decrease in wage payables	(3)
Increase in unearned revenue	1
Increase in interest payable	7
Decrease in income tax payable	(30)	78
Cash flow generated from operations		166
Cash flows from investing activities:
Sale of PPE	355		(400-100+55)
Purchase of PPE in cash	(184)		[1709-(1750-400)-100-75]
sale of land	120		(140-20)
Purchase of land	(289)		809-(660-140)
Cash flow generated in investments		2
Cash flows from financing activities:
Bonds retirement	(30)
Issuance of bonds	63		(783-(750-30))
Issue of share capital	120
Treasury stock	-78		(220-142)
Dividend payment	-32		(56-88)
Cash flow generated in financing		43
Decrease in cash and equivalents		211
Beginning balance		315
Ending balance		526