ch . 2 LAG Network Inc's balance sheet and income statement are as follows: 10 po $936,600 564,200 9372,100 LAG Network The Income Statement For Year Ended December 31, 2020 Sales Coat of goods sold Gross profit Operating expenses Depreciation expense $ 25, 200 Other expenses 240.800 Total operating expenses Profit from operations Income taxes Profit Pri 266,000 5106, 400 26.600 $ 79,000 References LAG Network Inc. Comparative Balance Sheet Information December 31 Aneta 2020 2019 Cash $ 81,270 $36,000 Accounts receivable 50.100 39,200 Merchandise inventory 280.630 259.000 Equipment 162.400 140,000 Accumulated depreciation 179, 800) 155,600) 5 494,900 5439,600 Total assets Liabilities and Equity Accounts bevable $39.200 $51.800 ch 2 $ 499.900 $-439,600 Total assets Labilities and Equity Accounts payable Income taxes payable Common Share Retained earnings Total liabilities and equity 539,200 19,600 371.000 65, 100 5494,900 5 51,00 18,200 325,500 14.100 5439, 600 10 Dots cBook Additional information regarding LAG Network Inc.'s activities during 2020. a. Equipment is purchased for $22.400 cash b. 18,200 common shares are issued for cash at $250 per share c. Declared and paid $58,800 of cash dividends during the year. Heferences 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 e. Other operating expenses are cash expenses f. The only decrease in income taxes payable is for payment of taxes. Help Save & Exit Submit Check my work 2 e Other operating expenses are cash expenses 1. The only decrease in income taxes payable is for payment of taxes 10 DO Required: Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities. (Lut any deduction in cash and cash outflows os negative amounts.) bon Print LAG NETWORKING Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities Cash received from customers References $ Cash flows from investing activities Check my work 2 SU Cash flows from operating acties Cash received from customers 10 points cos $ 0 Print Cash fows from investing activities: References 0 Cash flows from financing activities 0 5 0 Mr