Lansbury Inc. had the following balance sheet at December 31, 2019. LANSBURY INC. BALANCE SHEET DECEMBER 31, 2019

Cash $20,000 Accounts payable $30,000
Accounts receivable 21,200 Notes payable (long-term) 41,000
Investments 32,000 Common stock 100,000
Plant assets (net) 81,000 Retained earnings 23,200
Land 40,000 $194,200
$194,200

During 2021 the following occurred:

1. Lansbury Inc. sold part of its investment portfolio for $15,000 This transaction resulted in a gain of $3,400 for the firm. The company classifies its investments as available-for- sale.
2. A tract of land was purchased for $18,000 cash.
3. Long-term notes payable in the amount of $16,000 were retired before maturity by paying $16,000 cash.
4. An additional $20,000 in common stock was issued at par.
5. Dividends totaling $8,200 were declared and paid to stockholders.
6. Net income for 2021 was $32,000 after allowing for depreciation of $11,000
7. Land was purchased through the issuance of $30,000 in bonds.
8. At December 31, 2021, Cash was $32,000 Accounts Receivable was $41,600 and Accounts Payable remained at $30,000

Requried:
a. Prepare a statement of cash flows for 2017.
b. Prepare an unclassified balance sheet as it would appear on December 31, 2017.
c. Compute two cash flow ratios.

LANSBURY INC.

Statement of Cash Flows

For the year ended December 31, 2021

Cash flows from operating activities:

Net income                                                                         $32,000

Adjustments to net income:

Net cash from operating activities                                   $19,200

Cash flows from investing activities:

Sale of investment portfolio                                             $15,000

Purchased land                                                               ($30,000)

Purchased land                                                               ($18,000)

Net cash from investing activities                                 ($33,000)

Cash flow from financing activities:

Issuance of common stock                                             $20,000

Issuance of bonds                                                           $30,000

Retirement of notes payable                                         ($16,000)

Dividends paid                                                                 ($8,200)

Net cash from financing activities                                  $25,800

Net cash increase                                                           $12,000

Beginning cash balance                                                $20,000

Ending cash balance                                                     $32,000

b. Prepare an unclassified balance sheet as it would appear on December 31, 2017.

LANSBURY INC.

Balance Sheet

For the year ended December 31, 2021

Assets:

Cash $32,000

Accounts receivable $41,600

Investments $20,400

Plant assets, net $70,000

Land $88,000

Total assets $252,000

Liabilities:

Accounts payable $30,000

Notes payable $25,000

Bonds payable $30,000

Total liabilities $85,000

Stockholders' Equity:

Common stock $120,000

Retained earnings $47,000

Total stockholders' equity $167,000

Total liabilities + equity $252,000

c. cash flow coverage ratio =  operating cash flows / total liabilities = $19,200 / $85,000 = 0.23

current liability coverage ratio =  operating cash flows / current liabilities = $19,200 / $30,000 = 0.64

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