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please answer all parts of question Following is an income statement for the Lawn Corporation for the year ended December 31, 2020, and a schedule
please answer all parts of question
Following is an income statement for the Lawn Corporation for the year ended December 31, 2020, and a schedule listing the company's current assets and current liabilities at the end of 2019 and 2020. $87,300 (49,761 ) 37,539 Lawn Corporation Income Statement For the Year Ended December 31, 2020 Sales Cost of goods sold Gross margin Operating expenses: Selling and general expenses $9,603 Depreciation expense 2,619 Operating income Gain on sale of land held as investment Income before income tax Income tax expense Net income (12,222) 25,317 5,233 30,550 (6,110) $24.440 Cash Accounts receivable Inventory Prepaid selling/general expenses Accounts payable Accrued liabilities 2019 $13,000 4,400 6,760 3,600 3,490 1,500 2020 $4,000 9,730 11,160 900 6,173 2.732 Prepare a schedule documenting the Lawn Corporation's net cash flow from operating activities for the year ended December 31, 2020, using the indirect method. (Enter amounts that decrease cash flow either with a negative sign preceding the number, e.g.-15,000 or parenthesis e.g. (15,000).) Lawn Corporation Partial Statement of Cash Flows Operating activities-indirect method . e Textbook and Media Prepare a schedule documenting the Lawn Corporation's net cash flow from operating activities for the year ended December 31, 2020, using the direct method. Assume that selling and general expenses are related to both prepaid expenses and accrued liabilities. (Enter amounts that decrease cash flow either with a negative sign preceding the number, e.g.-15,000 or parenthesis e.g. (15,000).) Lawn Corporation Partial Statement of Cash Flows Operating activities-direct method . $ + . $ e Textbook and MediaStep by Step Solution
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