Problem 16-1APreparing the statement of cash flows (indirect method)LO5,6

CHECK FIGURE:Net cash inflow from operating activities = $69,870

LAG Network Inc.'s balance sheet and income statement are as follows:

9 - Graded LP5.2 Assignment: X Homework Help - Q&A from X Grades - accBF005 - Corporat X r Class Corporate Accounting i x Problems X X C A prod.reader-ui.prod.mheducation.com/epub/sn_beeda/data-uuid-ce055d151a7849b560aafOfd4168231c#Page+1085 G kk Paused Aa LAG Network Inc. LAG Network Inc. Income Statement Comparative Balance Sheet Information For Year Ended December 31, 2020 December 31 Sales......... $926,600 Assets 2020 2019 Cost of goods sold.. 554,200 Cash... $ 81,170 $ 54,000 Gross profit... $372,400 Accounts receivable.. 40,400 37,200 Operating expenses: Merchandise inventory.... 288,730 245,000 Depreciation expense......... $ 25,200 Equipment.. 152,400 138,000 Other expenses........... 227,800 Accumulated depreciation........... (69,800) (44,600) Total operating expenses..... 253,000 Total assets...... $492,900 $429,600 Profit from operations. $119,400 Liabilities and Equity Income taxes.......... 16,600 Accounts payable.. ..... $ 29,200 $ 41,800 Profit... $102,800 Income taxes payable.. 9.600 8,200 Common shares.........." 361,000 340,500 Retained earnings..... 93,100 39,100 Total liabilities and equity...... $492.900 $429.600 Type here to search O X 7:55 PM 7'C Partly cloudy 10/24/2021 56