P5-6Solution - PROBLEM 5-6 (a) LANSBURY INC. Statement of...

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PROBLEM 5-6
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(a) LANSBURY INC. Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Net income. .......................................................... $32,000 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense. .................................. 11,000 Gain on sale of investments. ....................... (3,400) Increase in account receivable ($41,600 – $21,200). .................................... (20,400 ) (12,800 ) Net cash provided by operating activities. ....... 19,200 Cash flows from investing activities Sale of investments. ........................................... 15,000 Purchase of land. ................................................ (18,000 ) Net cash used by investing activities. .............. (3,000) Cash flows from financing activities Issuance of common stock. ............................... 20,000 Retirement of notes payable. ............................. (16,000) Payment of cash dividends. ............................... (8,200
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This note was uploaded on 02/14/2011 for the course ACCT 251 taught by Professor Bouker during the Spring '11 term at Bergen Community College.

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P5-6Solution - PROBLEM 5-6 (a) LANSBURY INC. Statement of...

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