Lander Inc. had the following balance sheet
Question # 00072860
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Updated on: 05/26/2015 04:30 AM Due on: 05/26/2015
Lander Inc. had the following balance sheet at December 31, 2008:
| LANDER, INC. Balance Sheet December 31, 2008 | ||||
| Cash | $45,300 | Accounts payable | $33,800 | |
| Accounts receivable | $18,900 | Bonds payable | $35,000 | |
| Investments | $25,000 | Common stock | $190,000 | |
| Plant assets (net) | $78,000 | Retained earnings | $18,400 | |
| Land | $110,000 | |||
| Total Assets | $277,200 | Total Liabilities & Equity | $277,200 |
During 2009 the following occurred.
- Lander liquidated its available-for-sale investment portfolio at a loss of $6,500.
- A tract of land was purchased for $31,000.
- An additional $20,000 in common stock was issued at par.
- Dividends totaling $5,000 were declared and paid to stockholders.
- Net income for 2009 was $29,000, including $7,000 in depreciation expense.
- Land was purchased through the issuance of $25,000 in additional bonds.
- At December 31, 009, Cash was $72,650, Accounts Receivable was $35,250, and Accounts Payable was $32,500.
- Prepare a statement of cash flows for the year 2009 for Lander.
- Prepare the balance sheet as it would appear at December 31, 2009.
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Rating:
/5
Solution: Lander Inc. had the following balance sheet