Reference no: EM131780094
Problem - Lansbury Inc. had the balance sheet shown on the following page at December 31, 2009.
LANSBURY INC. Balance Sheet December 31, 2009
Cash $20,000 Accounts Payable $30,000
Accounts Receivable 21,200 Long-term Notes Payable 41,000
Investments 32,000 Common Stock 100,000
Plant Assets (Net) 81,000 Retained Earnings 23,200
Land 40,000
$194,200 $194,200
During 2010 the following occurred:
1. Lansbury Inc. sold part of its investment portfolio for $15,000 This transaction resulted in a gain of $3,400 for the firm. The company classifies its investments as available-for- sale.
2. A tract of land was purchased for $18,000 cash.
3. Long-term notes payable in the amount of $16,000 were retired before maturity by paying $16,000 cash.
4. An additional $20,000 in common stock was issued at par.
5. Dividends totaling $8,200 were declared and paid to stockholders.
6. Net income for 2010 was $32,000 after allowing for depreciation of $11,000
7. Land was purchased through the issuance of $30,000 in bonds.
8. At December 31, 2010, Cash was $32,000 Accounts Receivable was $41,600 and Accounts Payable remained at $30,000
Required -
Prepare a statement of cash flows for 2010.
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