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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 LAG Network Inc. Comparative Balance Sheet Information 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 $ 25,200 237,800 Cash flows from operating activities: 2023 December 31 $ 81,220 45,400 281,180 157,480 (74,800) $ 931,600 559, 200 $ 372,400 $ 490,400 263,000 $ 109,400 21,600 $ 87,800 2022 $ 55,000 38,200 252,000 139,000 (49,600) $ 434,600 $ 34,200 $ 14,600 366,000 75,600 $ 490,400 46,800 13,200 333,000 41,600 $ 434,600 Additional information regarding LAG Network Inc.'s activities during 2023: a. Equipment is purchased for $18,400 cash. b. 13,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $53,800 of cash dividends during the year. 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.) LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2023 Adjustments to reconcile profit to net cash inflows from operating activities:

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 LAG Network Inc. Comparative Balance Sheet Information 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 $ 25,200 237,800 Cash flows from operating activities: 2023 December 31 $ 81,220 45,400 281,180 157,480 (74,800) $ 931,600 559, 200 $ 372,400 $ 490,400 263,000 $ 109,400 21,600 $ 87,800 2022 $ 55,000 38,200 252,000 139,000 (49,600) $ 434,600 $ 34,200 $ 14,600 366,000 75,600 $ 490,400 46,800 13,200 333,000 41,600 $ 434,600 Additional information regarding LAG Network Inc.'s activities during 2023: a. Equipment is purchased for $18,400 cash. b. 13,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $53,800 of cash dividends during the year. 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.) LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2023 Adjustments to reconcile profit to net cash inflows from operating activities:

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...
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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 LAG Network Inc. Comparative Balance Sheet Information 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 $ 25,200 237,800 Cash flows from operating activities: Cash flows from investing activities: 2023 Cash flows from financing activities: December 31 $ 81,220 45,400 281,180 157,400 (74,800) $ 490,400 $ 931,600 559, 200 $372,400 $ 34,200 14,600 366,000 75,600 $ 490,400 263,000 $ 109,400 21,600 $ 87,800 2022 Additional information regarding LAG Network Inc.'s activities during 2023: .. Equipment is purchased for $18,400 cash. b. 13.200 common shares are issued for cash at $2.50 per share. c. Declared and paid $53,800 of cash dividends during the year. $ 55,000 38,200 252,000 139,000 (49,600) $ 434,600 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.) $ 46,800 13,200 333,000 41,600 $ 434,600 Adjustments to reconcile profit to net cash inflows from operating activities: LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2023 $ $ 0 0 0
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 LAG Network Inc. Comparative Balance Sheet Information 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 $ 25,200 237,800 Cash flows from operating activities: Cash flows from investing activities: 2023 Cash flows from financing activities: December 31 $ 81,220 45,400 281,180 157,400 (74,800) $ 490,400 $ 931,600 559, 200 $372,400 $ 34,200 14,600 366,000 75,600 $ 490,400 263,000 $ 109,400 21,600 $ 87,800 2022 Additional information regarding LAG Network Inc.'s activities during 2023: .. Equipment is purchased for $18,400 cash. b. 13.200 common shares are issued for cash at $2.50 per share. c. Declared and paid $53,800 of cash dividends during the year. $ 55,000 38,200 252,000 139,000 (49,600) $ 434,600 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.) $ 46,800 13,200 333,000 41,600 $ 434,600 Adjustments to reconcile profit to net cash inflows from operating activities: LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2023 $ $ 0 0 0
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