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2. Prepare the investing activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2020, (Negative answers should
2. Prepare the investing activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2020, (Negative answers should be indicated by a minus sign. Enter your answers in millions.) LAPORTE INC. Statement of Cash Flown (Partial) For the Year Ended December 31, 2020 Cash flows from investing activities: $ 0 Net cash flow from investing activities using HEIN neioa. (Negative answers should be indicat LAPORTE INC. Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash flows from operating activities: Net earnings $ 12,000,000 Add (deduct) items not affecting cash: Depreciation expense 10,000,000 Gain on sale of investments (6,000,000) Loss on sale of equipment 2,000,000 Increase in accounts receivable (10,000,000) Decrease in merchandise inventory 4,000,000 Decrease in income tax payable (14,000,000) Decrease in income tax payable (1,000,000) Net cash used for operating activities $ (3,000,000) Statements of Financial Position 2020 $ 90 34 28 Cash Accounts receivable Merchandise inventory Long-term investments Property, plant, and equipment Accumulated depreciation Total assets Accounts payable Income taxes payable Long-term borrowings Contributed capital Retained earnings Total liabilities and shareholders' equity Statement of Earnings Sales Cost of sales Gross profit Depreciation expense Other operating expenses Earnings from operations Gain on sale of investments Loss on sale of equipment Earnings before income tax Income tax expense Net earnings 196 (78) $ 270 $ 24 3 80 115 48 $ 270 2019 $ 68 24 32 18 154 (96) $ 200 38 4 20 100 38 $ 200 $ 140 (84) 56 (10) (34) 12 6 (2) 16 4 $ 12 Additional information is as follows: a. Old equipment was sold for cash during 2020. It had an original cost of $40 and an accumulated depreciation of $28. b. A new building was acquired during the year in exchange for a long-term note for $60, payable in five years. In addition, new equipment was purchased for cash
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