Assignment 12 - Chapter 16 Seved In Statement For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense 535,200 Other expenses 247200 Total operating expenses Profit frosperations $936,600 564,200 $ 372,400 15 273,600 $ 99,400 26. Protit 2010 Cassetwerk Inc. Corti Balance sheet Information De 2020 Cash 1. Sale 50.00 27). 12,400 1.000 259.000 5. 1.200 19, 1.200 133 Additional information regarding LAG Network Inc's activities during 2020: a. Equipment is purchased for $22.400 cash. 6.18.200 common shares are issued for cash at $2.50 per share. c. Declared and paid $58,800 of cash dividends during the year Required: Prepare a statement of cash flows for 2020 that reports the cash intlows and outflows from operating activities according to the Indirect method. (List any deduction in cash and cash outflows os negative amounts.) um LAG NETWORK INC Statement of Cash Flows For Year Ended December 31, 2020 Cashflows from operating advies Adjustments to reconcile pofito net cash flows from conting activities LAG Network Inc.'s balance sheet and income statement are as follows: $ 936,600 564,200 $ 372,400 LAG Network Inc. Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense $ 25,200 Other expenses 247,800 Total operating expenses Profit from operations Income taxes Profit 273,000 $ 99,400 26,600 $ 72,800 LAG Network Inc. Comparative Balance Sheet Information LAG Network Inc. Comparative Balance Sheet Information December 31 Assets 2020 2019 Cash $ 81,270 $ Accounts receivable 56,000 50,400 39,200 Merchandise inventory 273,630 259,00 Equipment 162,400 140,000 Accumulated depreciation (79,880) (54,600) Total assets $ 487,900 $ 439,600 Liabilities and Equity Accounts payable 39,200 $ 51,800 Income taxes payable 19,600 18,209 Common shares 371,000 325,500 Retained earnings 58, 100 44,109 Total liabilities and equity $ 487,900 $ 439,600 $ Additional information regarding AG Network Inc's activities during 2020- Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $22.400 cash b.18,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $58,800 of cash dividends during the year. Required: Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the Indirect method. (List any deduction in cash and cash outflows as negative amounts.) LAG NETWORK INC Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities Adjustments to reconcile profit to net cash inflows from operating activities 1 Required: Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the indirect method. (List any deduction in cash and cash outflows as negative amounts:) LAG NETWORK INCE Statement of Cash Flows For Year Ended December 31, 2020 d Cash flows from operating activities Print Adjustments to reconcile profd to net cash flows from operating activities S 0 Cash flows from investing activities Cash flows from financing actives