LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement...
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LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2020 Sales $ 922, 600 550, 200 Cost of goods sold Gross profit $ 372, 400 Operating expenses: $ $ 252, 000 120, 400 12, 600 $ 107,800 Depreciation expense Other expenses Total operating expenses Profit from operations. Income taxes Profit Assets Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable Income taxes payable Common shares Retained earnings Total liabilities and equity 25, 200 226, 800 LAG Network Inc. Comparative Balance Sheet Information 2020 $ 81, 130 40, 400 283, 770 148, 400 (65, 800) $ 487, 900 25, 200 5, 600 357, 000 100, 100 $ 487, 900 December 31 2019 53, 200 37, 200 238, 600 137, 200 (40, 600) $ 425, 600 $ 37, 800 4, 200 346, 500 37, 100 $ 425, 600 Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $11,200 cash. b. 4,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $44,800 of cash dividends during the year. Other information regarding LAG Network Inc.: a. All sales are credit sales. b. All credits to accounts receivable are receipts from customers. c. All purchases of merchandise are on credit. d. All debits to accounts payable result from payments for merchandise. e. Other operating expenses are cash expenses. f. The only decrease in income taxes payable is for payment of taxes. Required: Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities. (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: Cash flows from investing activities: Cash flows from financing activities: $ $ 0 0 0 0 LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2020 Sales $ 922, 600 550, 200 Cost of goods sold Gross profit $ 372, 400 Operating expenses: $ $ 252, 000 120, 400 12, 600 $ 107,800 Depreciation expense Other expenses Total operating expenses Profit from operations. Income taxes Profit Assets Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable Income taxes payable Common shares Retained earnings Total liabilities and equity 25, 200 226, 800 LAG Network Inc. Comparative Balance Sheet Information 2020 $ 81, 130 40, 400 283, 770 148, 400 (65, 800) $ 487, 900 25, 200 5, 600 357, 000 100, 100 $ 487, 900 December 31 2019 53, 200 37, 200 238, 600 137, 200 (40, 600) $ 425, 600 $ 37, 800 4, 200 346, 500 37, 100 $ 425, 600 Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $11,200 cash. b. 4,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $44,800 of cash dividends during the year. Other information regarding LAG Network Inc.: a. All sales are credit sales. b. All credits to accounts receivable are receipts from customers. c. All purchases of merchandise are on credit. d. All debits to accounts payable result from payments for merchandise. e. Other operating expenses are cash expenses. f. The only decrease in income taxes payable is for payment of taxes. Required: Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities. (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: Cash flows from investing activities: Cash flows from financing activities: $ $ 0 0 0 0
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LAG NETWORK INC Statement of cash flows App for the year ended Decembe... View the full answer
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Posted Date:
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