LazyDaz, Inc. reported the following for its 2020 financial statements. Balance Sheet ...
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Accounting
LazyDaz, Inc. reported the following for its 2020 financial statements. Balance Sheet
Dec 31, 2020
Dec 31, 2019
Difference
Cash
526
315
211
Accounts Receivable
24
16
8
Allow for Doubtful Accounts
(2)
(1)
(1)
Inventory
21
32
(11)
PP&E
1,709
1,750
(41)
Land
809
660
149
Accumulated Depreciation
(314)
(300)
(14)
Patent
6
8
(2)
Total Assets
2,779
2,480
Accounts Payable
37
19
18
Wages Payable
7
10
(3)
Unearned Revenue
12
11
1
Interest Payable
57
50
7
Income Tax Payable
53
83
(30)
Notes Payable
75
0
75
Bonds Payable
783
750
33
Common Stock
1,242
1,100
142
Retained Earnings
513
457
56
Total Liabilities & Equity
2,779
2,480
Income StatementFor the Year Ending Dec 31, 2020
Sales
1,250
Cost of Goods Sold
(648)
Gross Profit
602
Operating Expenses
Wage Expense
(150)
Bad Debt Expense
(1)
Depreciation Expense
(114)
Amortization Expense
(2)
Utilities Expense
(52)
Other Operating Expenses
(151)
(470)
Income From Operations
132
Other
Interest Expense
(11)
Gain (Loss) on Sale of Land
(20)
Gain (Loss) on Sale of PP&E
55
24
Income before Tax Expense
156
Income Tax Expense
(68)
Net Income
88
The financial notes of LazyDaz disclose the following 2020 information: (1) Property, plant and equipment was sold for cash. The PP&E had an original cost of $400 and accumulated depreciation of $100. (2) Stock was issued for $120 cash. (3) Bonds of $30 were retired. (4) Land with a cost of $140 was sold. (5) There were two major noncash transactions. PP&E was acquired by issuing a $75 long-term note. Later in the year, PP&E was acquired by issuing $100 in common stock. (6) All other transactions were cash transactions.
Can you prepare a Statement of Cash Flows for this information
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