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2. Prepare the Statement of Cash Flows of Laris Corporation for 2019, by using the financial statements below. (20 pts) Laris Corporation Income Statement For
2. Prepare the Statement of Cash Flows of Laris Corporation for 2019, by using the financial statements below. (20 pts) Laris Corporation Income Statement For the year ended December 31, 2019 $150,000 117,500 $32,500 Sales revenue Cost of goods sold Gross Profits Selling expense 4,500 General and administrative expense 4,000 Depreciation expense 4,000 Operating profits Interest expense Net profit before taxes Taxes (40%) Net profit after taxes $ 20,000 2,500 $ 17,500 7,000 $ 10,500 Laris Corporation Balance Sheet For the Years Ended December 31, 2017 and 2018 2019 2018 Assets Cash $24,000 $21,000 Accounts receivable 45,000 39,000 Inventory 30,000 27,000 Gross fixed assets $42,000 $40,000 Acc. Depreciation 22,000 18,000 Net fixed assets 20,000 22,000 Total assets $119,000 $109,000 Liabilities and Equity Accounts payable $25,000 $30,000 Notes payable 50,000 40,000 Accruals 1,000 2,000 Long-term debts 10,000 8,000 Common stock at par 1,000 1,000 Paid-in capital in excess of par 4,000 Retained earnings 28,000 24,000 Total liabilities and equity $119,000 $109,000 4,000
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