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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 $ 25,200 232,800 Liabilities and Equity Accounts payable Income taxes payable Common shares Retained earnings Total liabilities and equity December 31 42,400 284,710 $ 928,600 556,200 $ 372,400 2023 2022 $ 81,190 $ 54,400 37,600 247,800 154,400 (71,800) 258,000 $ 114,400 18,600 $ 95,800 $ 490,900 138,400 (46,600) $ 431,600 $ 31,200 $ 43,800 11,600 363,000 85,100 10,200 337,500 40,100 $ 490,900 $ 431,600 Additional information regarding LAG Network Inc.'s activities during 2023: a. Equipment is purchased for $16,000 cash. b. 10.200 common shares are issued for cash at $2.50 per share. c. Declared and paid $50,800 of cash dividends during the year. Other information regarding LAG Network Inc.: a. All sales are credit sales. b. All credits to accounts receivable are receipts from customers. c. All purchases of merchandise are on credit. d. All debits to accounts payable result from payments for merchandise

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 $ 25,200 232,800 Liabilities and Equity Accounts payable Income taxes payable Common shares Retained earnings Total liabilities and equity December 31 42,400 284,710 $ 928,600 556,200 $ 372,400 2023 2022 $ 81,190 $ 54,400 37,600 247,800 154,400 (71,800) 258,000 $ 114,400 18,600 $ 95,800 $ 490,900 138,400 (46,600) $ 431,600 $ 31,200 $ 43,800 11,600 363,000 85,100 10,200 337,500 40,100 $ 490,900 $ 431,600 Additional information regarding LAG Network Inc.'s activities during 2023: a. Equipment is purchased for $16,000 cash. b. 10.200 common shares are issued for cash at $2.50 per share. c. Declared and paid $50,800 of cash dividends during the year. Other information regarding LAG Network Inc.: a. All sales are credit sales. b. All credits to accounts receivable are receipts from customers. c. All purchases of merchandise are on credit. d. All debits to accounts payable result from payments for merchandise

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 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 LAG Network Inc. Comparative Balance Sheet Information $ $ Cash flows from operating activities: 25,200 232,800 $ Other information regarding LAG Network Inc.: Cash flows from investing activities: Cash flows from financing activities: $ 490,900 31, 200 11,600 363,000 85,100 $ 490,900 December 31 $928,600 556,200 $ 372,400 2023 2022 81,190 $ 54,400 42,400 37,600 284,710 247,800 154,400 138,400 (71,800) (46,600) $ 431,600 Additional information regarding LAG Network Inc.'s activities during 2023: a. Equipment is purchased for $16,000 cash. b. 10.200 common shares are issued for cash at $2.50 per share. c. Declared and paid $50,800 of cash dividends during the year. 258,000 $ 114,400 18,600 $95,808 LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2023 a. All sales are credit sales. b. All credits to accounts receivable are receipts from customers. c. All purchases of merchandise are on credit. d. All debits to accounts payable result from payments for merchandise. e. Other operating expenses are cash expenses. 1. The only decrease in income taxes payable is for payment of taxes. Required: Prepare a statement of cash flows for 2023 using the direct method to report cash inflows and outflows from operating activities. (List any deduction In cash and cash outflows as negative amounts.) $ 43,800 10,200 337,500 40,100 $ 431,600 $ $ 0 0
Transcribed Image Text: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 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 LAG Network Inc. Comparative Balance Sheet Information $ $ Cash flows from operating activities: 25,200 232,800 $ Other information regarding LAG Network Inc.: Cash flows from investing activities: Cash flows from financing activities: $ 490,900 31, 200 11,600 363,000 85,100 $ 490,900 December 31 $928,600 556,200 $ 372,400 2023 2022 81,190 $ 54,400 42,400 37,600 284,710 247,800 154,400 138,400 (71,800) (46,600) $ 431,600 Additional information regarding LAG Network Inc.'s activities during 2023: a. Equipment is purchased for $16,000 cash. b. 10.200 common shares are issued for cash at $2.50 per share. c. Declared and paid $50,800 of cash dividends during the year. 258,000 $ 114,400 18,600 $95,808 LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2023 a. All sales are credit sales. b. All credits to accounts receivable are receipts from customers. c. All purchases of merchandise are on credit. d. All debits to accounts payable result from payments for merchandise. e. Other operating expenses are cash expenses. 1. The only decrease in income taxes payable is for payment of taxes. Required: Prepare a statement of cash flows for 2023 using the direct method to report cash inflows and outflows from operating activities. (List any deduction In cash and cash outflows as negative amounts.) $ 43,800 10,200 337,500 40,100 $ 431,600 $ $ 0 0
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