(Solution) - Lang Company has not yet prepared a formal statement of -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Lang Company has not yet prepared a formal statement of cash flows for 2012. Following are comparative balance sheets as of December 31, 2012 and 2011, and a statement of income and retained earnings for the year ended December 31, 2012:

Required
1. For purposes of a statement of cash flows, are the U.S. Treasury bills cash equivalents? If not, how should they be classified? Explain your answers.
2. Prepare a statement of cash flows for 2012 using the direct method in the Operating Activities section