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LAG Network Inc. s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 3 1 , 2
LAG Network Inc.s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December Sales $ Cost of goods sold Gross profit $ Operating expenses: Depreciation expense $ Other expenses Total operating expenses Profit from operations $ Income taxes Profit $ LAG Network Inc. Comparative Balance Sheet Information December Assets Cash $ $ 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 $ $ Additional information regarding LAG Network Inc.s activities during : Equipment is purchased for $ cash. common shares are issued for cash at $ per share. Declared and paid $ of cash dividends during the year.
LAG Network Inc.s balance sheet and income statement are as follows:
LAG Network Inc.
Income Statement
For Year Ended December
Sales $
Cost of goods sold
Gross profit $
Operating expenses:
Depreciation expense $
Other expenses
Total operating expenses
Profit from operations $
Income taxes
Profit $
LAG Network Inc.
Comparative Balance Sheet Information
December
Assets
Cash $ $
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 $ $
Additional information regarding LAG Network Inc.s activities during :
Equipment is purchased for $ cash.
common shares are issued for cash at $ per share.
Declared and paid $ of cash dividends during the year.
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