Vinubhai The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2023 and 2022and on its statement of earnings for the year ended December 31, 2023. Amounts are in millions of dollars:Statements of Financial Position2023CashAccounts receivableMerchandise inventoryLong-term investmentsProperty, plant, and equipment$ 1402022$ 827252516046199182Accumulated depreciationTotal assetsAccounts payableIncome taxes payableLong-term borrowingsShare capitalRetained earningsTotal liabilities and shareholders' equity(48)(68)$ 414$ 354$ 52$ 6667123731861704738$ 414$ 354Statement of EarningsSales$ 210Cost of salesGross profitDepreciation expenseOther operating expensesEarnings from operationsGain on sale of investmentsLoss on sale of equipmentEarnings before income taxIncome tax expenseNet earnings(126)84(10)(57)177(2)227$15Additional information is as follows:a. Old equipment was sold for cash during 2023. It had an original cost of $58 and an accumulated depreciation of $30.b. A new building was acquired during the year in exchange for a long-term note for $50, payable in five years. In addition, newequipment was purchased for cash.Required:1. Prepare the operating activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2023 byusing the indirect method. (Negative answers should be indicated by a minus sign. Enter your answers in millions.)

Cash flow statement shows the cash inflow and cash outflow due to the operating, investing, and…

The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2023 and 2022 and on its statement of earnings for the year ended December 31, 2023. Amounts are in millions of dollars: Cash Accounts receivable Statements of Financial Position 2023 $ 140 2022 $ 82 72 52

The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2023 and 2022 and on its statement of earnings for the year ended December 31, 2023. Amounts are in millions of dollars: Cash Accounts receivable Statements of Financial Position 2023 $ 140 2022 $ 82 72 52

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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