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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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