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LAG Network Inc.'s balance sheet and income statement are as follows: Sales LAG Network Inc. Income Statement For Year Ended December 31, 2023 Cost of goods sold $ 928,600 556,200 $ 372,400 Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets $ 25,200 231,800 257,000 $ 115,400 18,600 $ 96,800 LAG Network Inc. Comparative Balance Sheet Information December 31 2023 2022 Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable $ 81,190 $ 54,400 42,400 285,710 154,400 (71,800) $ 491,900 $ 31,200 11,600 363,000 86,100 Income taxes payable Common shares Retained earnings Total liabilities and equity $ 491,900 37,600 247,800 138,400 (46,600) $ 431,600 $ 43,800 10,200 337,500 40,100 $ 431,600 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.) Required: LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2023 Cash flows from operating activities: Adjustments to reconcile profit to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities: 0 EA 0 0

LAG Network Inc.'s balance sheet and income statement are as follows: Sales LAG Network Inc. Income Statement For Year Ended December 31, 2023 Cost of goods sold $ 928,600 556,200 $ 372,400 Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets $ 25,200 231,800 257,000 $ 115,400 18,600 $ 96,800 LAG Network Inc. Comparative Balance Sheet Information December 31 2023 2022 Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable $ 81,190 $ 54,400 42,400 285,710 154,400 (71,800) $ 491,900 $ 31,200 11,600 363,000 86,100 Income taxes payable Common shares Retained earnings Total liabilities and equity $ 491,900 37,600 247,800 138,400 (46,600) $ 431,600 $ 43,800 10,200 337,500 40,100 $ 431,600 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.) Required: LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2023 Cash flows from operating activities: Adjustments to reconcile profit to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities: 0 EA 0 0

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...
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LAG Network Inc.'s balance sheet and income statement are as follows: Sales LAG Network Inc. Income Statement For Year Ended December 31, 2023 Cost of goods sold $ 928,600 556,200 $ 372,400 Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets $ 25,200 231,800 257,000 $ 115,400 18,600 $ 96,800 LAG Network Inc. Comparative Balance Sheet Information December 31 2023 2022 Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable $ 81,190 $ 54,400 42,400 285,710 154,400 (71,800) $ 491,900 $ 31,200 11,600 363,000 86,100 Income taxes payable Common shares Retained earnings Total liabilities and equity $ 491,900 37,600 247,800 138,400 (46,600) $ 431,600 $ 43,800 10,200 337,500 40,100 $ 431,600
Transcribed Image Text:LAG Network Inc.'s balance sheet and income statement are as follows: Sales LAG Network Inc. Income Statement For Year Ended December 31, 2023 Cost of goods sold $ 928,600 556,200 $ 372,400 Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets $ 25,200 231,800 257,000 $ 115,400 18,600 $ 96,800 LAG Network Inc. Comparative Balance Sheet Information December 31 2023 2022 Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable $ 81,190 $ 54,400 42,400 285,710 154,400 (71,800) $ 491,900 $ 31,200 11,600 363,000 86,100 Income taxes payable Common shares Retained earnings Total liabilities and equity $ 491,900 37,600 247,800 138,400 (46,600) $ 431,600 $ 43,800 10,200 337,500 40,100 $ 431,600
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.) Required: LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2023 Cash flows from operating activities: Adjustments to reconcile profit to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities: 0 EA 0 0
Transcribed Image Text: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.) Required: LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2023 Cash flows from operating activities: Adjustments to reconcile profit to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities: 0 EA 0 0
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