Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribed

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 Media

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Intelligence For New-Generation ManagersCurrent Avenues Of Development

Authors: Jörg H. Mayer, Reiner Quick

6th Edition

3319156950, 9783319156958

More Books

Students also viewed these Accounting questions

Question

Draw a labelled diagram of the Dicot stem.

Answered: 1 week ago