Reference no: EM132781132

Question - Larry's Landscaping April to June Statement of Cash Flows

The following are the Balance Sheets for Larry's as of March 31, 2021 and June 30, 2021:

	June 30, 2021	March 31, 2021
Assets
Cash	$25,000	$17,500
Accounts Receivable	9,500	0
Supplies	1,600	0
Prepaid Insurance	2,700 0
Total Current Assets	38,800	17,500
Equipment	94,000	40,000
Building	100,000	100,000
Accumulated Depreciation Equipment	(2,200)	(500)
Accumulated Depreciation Building	(4,000)	(1,000)
Land	17,000	20,000
Total Property, Plant & Equipment	204,800	158,500
Total Assets	$243,600	$176,000
Liabilities
Wages Payable	$0	$0
Interest Payable	500	0
Total Current Liabilities	500	0
Note Payable Long-Term	105,000	110,000
Note Payable for Equipment	50,000	0
Total Liabilities	155,500	110,000
Owners' Equity
Common Stock	6,000	6,000
Paid-in Capital in Excess of Par Value	54,000	54,000
Retained Earnings	28,100	6,000
Total Owners' Equity	88,100	66,000
Total Liabilities and Equity	$243,600	$176,000

The following is additional information for the period April 1 to June 30, 2021:

$50,000 of Equipment was purchased by issuing a Note to the equipment vendor. No cash was paid to the vendor.

$4,000 of Equipment was purchased for $4,000 cash.

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.

A $5,000 cash payment was made to pay down the Note Payable Long-Term.

The April 1 to June 30, 2021 Income Statement showed Net Income of $30,100.

An $8,000 dividend was declared and paid during the period April 1 to June 30, 2021.

Requirement - Prepare a Cash Flow Worksheet for the period April 1 to June 30, 2021.