This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise 13-36 of Chapter 13. Refer to
Question:
Requirement
1. Prepare the statement of cash flows using the indirect method. Assume no dividends were declared or paid during theyear.
Transcribed Image Text:
LAWLOR LAWN SERVICE, INC. Comparative Balance Sheet May 31, 2013 and 2012 2013 S 17,420 S 2,420 Assets 2012 Cash Accounts reccivable Lawn supplics 2,550 50 150 40 Equipment Accumulated depreciation Building Accumulated depreciation 1,440 1,440 (360) (30) 120,000 0. (2,500) $138,700 S 3,920 Total Assets Liabilitics Accounts payable Interest payable Current portion of mortgage payable Mortgage payable $ 1,440 440 555 12,000 99,000 $111,995 S 1,440 Total liabilities Stockholders' Equity Common stock 2,700 1,700 Retained carnings Total liabilities and stockholders' cquity 24,005 780 $138,700 S 3,920
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Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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