Act 350 Module 3 Statement of Cash Flows and Balance Sheet

ACT 350 Module 3 Statement of Cash Flows and Balance Sheet

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ACT 350 Module 3 Statement of Cash Flows and Balance Sheet

Note . This Worksheet is in PDF format.

CRITICAL THINKING ASSIGNMENT

Option #1: Statement of Cash Flows and Balance Sheet

Lander Inc. had the following balance sheet at December 31, 2014:

LANDER, INC. Balance Sheet

December 31, 2014

Cash $45,300 Accountspayable $33,800

Accounts $18,900 Bondspayable $35,000

receivable

Investments $25,000 Commonstock $190,000

Plant assets $78,000 Retainedearnings $18,400

(net)

Land $110,000

Total Assets $277,200 TotalLiabilities &

Equity $277,200

During 2015, the following events occurred:

1. Lander liquidated its available-for-sale investment portfolio at a loss of $6,500.

2. A tract of land was purchased for $31,000.

3. An additional $20,000 in common stock was issued at par.

4. Dividends totalling $5,000 were declared and paid to stockholders.

5. Net income for 2009 was $29,000, including $7,000 in depreciation expense.

6. Land was purchased through the issuance of $25,000 in additional bonds.

7. At December 31, 2015, cash was $72,650, accounts receivable was $35,250, and accounts

payable was $32,500.

In an Excel spreadsheet:

• Prepare a statement of cash flows for the year 2015 for Lander.

• Prepare the balance sheet as it would appear as of December 31, 2015.

Any written comments must be formatted according to the CSU-Global Guide to Writing and APA

Requirements. Insert comments, as needed, using Excel’s “Add a Comment” function.