Assets Cash LAG Network IC. 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 December 31 2020 $ 81,218 44,400 282,600 156,400 (73,800) $ 490,900 $ 33,200 13,600 365,000 79,100 2019 $ 54,000 38,000 250,400 138,800 (48,000) $ 433,000 $ 45,000 12,200 334,500 41,100 $ 490,900 $ 433,000 Additional information regarding LAG Network Inc.'s activities during 2020 a. Equipment is purchased for $17,600 cash b. 12,200 common shares are issued for cash at $2.50 per share c. Declared and paid $52,800 of cash dividends during the year Required: Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the indirect method. (List any deduction in cash and cash outfi

Assets Cash LAG Network IC. 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 December 31 2020 $ 81,218 44,400 282,600 156,400 (73,800) $ 490,900 $ 33,200 13,600 365,000 79,100 2019 $ 54,000 38,000 250,400 138,800 (48,000) $ 433,000 $ 45,000 12,200 334,500 41,100 $ 490,900 $ 433,000 Additional information regarding LAG Network Inc.'s activities during 2020 a. Equipment is purchased for $17,600 cash b. 12,200 common shares are issued for cash at $2.50 per share c. Declared and paid $52,800 of cash dividends during the year Required: Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the indirect method. (List any deduction in cash and cash outfi

Name: LAG Network Inc.'s balance sheet and income statement are as follows:
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Description: LAG Network Inc.'s balance sheet and income statement are as follows:LAG Network Inc.Income StatementFor Year Ended December 31, 2020SalesCost of goods sold.Gross profitOperating expenses:Depreciation expenseOther expensesTotal operating expensesPro

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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