direct and indirect method

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QUESTION 1 ANSWER SHEET QUESTION 2 ANSWER INDIRECT .. De peshem BOERED All we were sales D. All credits to receive trecere c. All purchases of medie se crede 4. Ad to complessed me Other puti pe cand expenses The decrease in comments ANSWER SHEET QUESTION 2 ANSWER INDIRECT QUESTION 1 LON m! wakulim, Bir A LA News 2002.0 Dette REURED All credit b. All credits to recebe receipts from C. All purchases of metaste arendt d. All debito scos pable result from parts for medis Other operating espese cake The only decrease in nomine tusen pepuble is for payment of times LAG Network Inc. Income Statement For Year Ended December 31, 2020 Sales. $926.600 Cost of goods sold... 554.200 Gross profit... $372.400 Operating expenses: Depreciation expense... $ 25.200 Other expenses..... 227.800 Total operating expenses.... 253,000 Profit from operations $119.400 Income taxes... 16,600 Profit............ $102.800 LAG Network Inc. Comparative Balance Sheet Information December 31 Assets 2020 2019 Cash.... $ 81.170 $ 54.000 Accounts receivable 40.400 37.200 Merchandise inventory.. 288.730 245.000 Equipment.. 152.400 138.000 Accumulated depreciation.... (69.800) (44.600) Total assets.. $492.900 $429,600 Liabilities and Equity Accounts payable. $ 29,200 $ 41.800 Income taxes payable. 9.600 8.200 Common shares......... 361.000 340,500 Retained earnings.... 93.100 39.100 Total liabilities and equity......... $492.900 $429.600 Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $14.400 cash. b. 8,200 common shares are issued for cash at $2.50 per share. C. Declared and paid $48.800 of cash dividends during the year. REQUIRED repare Statement of Cash Flows for 2020 using Indirect and Direct Methods. Show your supporting calculation as far as possible. ssume below information for the Direct Method. 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