Operating activities: Net earnings Non-cash items Add: Depreciation LAURENT COMPANY Statement of Cash Flows For the year 31 December 20X8 $ 159,700 14,300 174,000
Operating activities: Net earnings Non-cash items Add: Depreciation LAURENT COMPANY Statement of Cash Flows For the year 31 December 20X8 $ 159,700 14,300 174,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
Transcribed Image Text:Operating activities:
Net earnings
Non-cash items
Add: Depreciation
LAURENT COMPANY
Statement of Cash Flows
For the year 31 December 20X8
Changes to working ital:
Add: Decrease in accounts receivable
Less: Increase in accounts payable
Less: Increase in inventory
Investing activities:
Decrease in long-term bank loan
Purchase of long-term investment
Financing activities:
Sold long-term investment
Paid cash dividend
Net change in cash
Opening cash
Closing cash
< Prev
CH
X
$ 159,700
X
X 23,700
X (30,400)
14,300
174,000
3 of 3
3,100
(20,200)
(15,000)
8,800 X
(23,700) X
14,800
H-H
$ 141,900
(6,700)
(100)
105,300
$ 105,300
Next >
Chemisie
ہے

Transcribed Image Text:The accounting records of Laurent Company reflect the following data:
Statement of Comprehensive Income
For year ended 31 December 20X8
Sales
Cost of goods sold
Depreciation expense
Operating expenses
Net earnings and comprehensive income
Statement of Financial Position
20X8
At 31 December
Debits
Cash
Accounts receivable.
Inventory
Investment, long-term
Capital assets
Total debits
Credits
Bank overdraft
Accumulated depreciation.
Accounts payable
Short-term bank loan
Notes payable, long-term
Common shares
Retained earnings
Total credits
$105,300 $
$ 942,400
(565,200)
(14,300)
(203,200)
159,700
20X7
53,700 56,800
74,600 59,600
8,800
277,500 176,000
$511,100 $301,200
43,900
37,800
12,600
106, 200
$ 14,800
29,600
17,600
8,800
58,800
236,100
154,700
74,500
16,900
$511,100 $301,200
Additional information:
a. Paid a $23,700 long-term note payable by issuing common shares.
b. Purchased capital assets that cost $101,500; gave a $71,100 long-term note payable and paid $30,400 cash.
c. Sold the long-term investment at cost, for cash.
d. Assume that unexplained changes in asset, liability, and equity accounts flow from logical sources.
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