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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, 2023 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets Cash $ 25,200 243,800 LAG Network Inc. Comparative Balance Sheet Information 2023 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 $ 81,250 48,400 276,650 160,400 (77,800) $ 488,900 $ 934,600 562,200 $ 372,400 December 31 $ 37,200 17,600 369,000 65,100 $ 488,900 269,000 $ 103,400 24,600 $78,800 2022 $ 55,600 38,800 256,200 139,600 (52,600) $ 437,600 $49,800 16,200 328,500 43,100 $437,600 Additional information regarding LAG Network Inc.'s activities during 2023: a. Equipment is purchased for $20,800 cash. b. 16,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $56,800 of cash dividends during the year.

LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2023 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets Cash $ 25,200 243,800 LAG Network Inc. Comparative Balance Sheet Information 2023 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 $ 81,250 48,400 276,650 160,400 (77,800) $ 488,900 $ 934,600 562,200 $ 372,400 December 31 $ 37,200 17,600 369,000 65,100 $ 488,900 269,000 $ 103,400 24,600 $78,800 2022 $ 55,600 38,800 256,200 139,600 (52,600) $ 437,600 $49,800 16,200 328,500 43,100 $437,600 Additional information regarding LAG Network Inc.'s activities during 2023: a. Equipment is purchased for $20,800 cash. b. 16,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $56,800 of cash dividends during the year.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required: Prepare a statement of cash flows for 2023 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.) Cash flows from operating activities: Profit Adjustments to reconcile profit to net cash inflows from operating activities: Depreciation expense Cash flows from investing activities: LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2023 Cash flows from financing activities: $ 78,800 $ $ 78,800 0 0 0
Transcribed Image Text:Required: Prepare a statement of cash flows for 2023 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.) Cash flows from operating activities: Profit Adjustments to reconcile profit to net cash inflows from operating activities: Depreciation expense Cash flows from investing activities: LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2023 Cash flows from financing activities: $ 78,800 $ $ 78,800 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, 2023 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets Cash $ 25,200 243,800 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 $ 934,600 562, 200 $ 372,400 LAG Network Inc. Comparative Balance Sheet Information 2023 $ 81,250 $ 55,600 48,400 276,650 38,800 256,200 139,600 (52,600) 160,400 (77,800) 269,000 $ 103,400 24,600 $ 78,800 $ 488,900 December 31 2022 $ 437,600 $ 37,200 $ 49,800 17,600 369,000 16,200 328,500 43,100 65,100 $ 488,900 $ 437,600 Additional information regarding LAG Network Inc.'s activities during 2023: a. Equipment is purchased for $20,800 cash. b. 16,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $56,800 of cash dividends during the year.
Transcribed Image Text:LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2023 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets Cash $ 25,200 243,800 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 $ 934,600 562, 200 $ 372,400 LAG Network Inc. Comparative Balance Sheet Information 2023 $ 81,250 $ 55,600 48,400 276,650 38,800 256,200 139,600 (52,600) 160,400 (77,800) 269,000 $ 103,400 24,600 $ 78,800 $ 488,900 December 31 2022 $ 437,600 $ 37,200 $ 49,800 17,600 369,000 16,200 328,500 43,100 65,100 $ 488,900 $ 437,600 Additional information regarding LAG Network Inc.'s activities during 2023: a. Equipment is purchased for $20,800 cash. b. 16,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $56,800 of cash dividends during the year.
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