Question Description
Lander Inc. had the following balance sheet on December 31, 2016:
|
LANDER, INC. |
||||
|---|---|---|---|---|
|
Cash |
$49,830 |
Accounts payable |
$37,180 |
|
|
Accounts receivable |
$20,790 |
Bonds payable |
$38,500 |
|
|
Investments |
$27,500 |
Common stock |
$209,000 |
|
|
Plant assets (net) |
$85,800 |
Retained earnings |
$20,240 |
|
|
Land |
$121,000 |
|||
|
Total Assets |
$304,920 |
Total Liabilities & Equity |
$304,920 |
During 2017 the following occurred:
- Lander liquidated its investment portfolio at a loss of $7,150.
- A tract of land was purchased for $34,100.
- An additional $22,000 in common stock was issued at par.
- Dividends totalling $5,500 were declared and paid to stockholders.
- Net income for 2017 was $31,900, including $7,700 in depreciation expense.
- Land was purchased through the issuance of $27,500 in additional bonds.
- At December 31, 2017, Cash was $79,915, Accounts Receivable was $38,775, and Accounts Payable was $35,750.
Required:
- Prepare the balance sheet as it would appear as of December 31, 2017.
- Prepare a statement of cash flows for the year 2017 for Lander.
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