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Please I need Net increase (decrease) in cash and cash balance dec 31 2018. Please check everything else for errors. Lamos Legal Services, Inc., ended
Please I need Net increase (decrease) in cash and cash balance dec 31 2018.
Please check everything else for errors.
Lamos Legal Services, Inc., ended 2017 with cash of $18,000. During 2018, Lamos earned net income of $110,000 and had adjustments to reconcile net income to net cash provided by operations totaling $12,000 (this is a negative amount). Lamos paid $44,000 to purchase equipment during 2018. During 2018, the company declared and paid dividends of $25,000. Prepare Lamos' statement of cash flows for the year ended December 31, 2018, complete with its proper heading. (Use parentheses or a minus sign to show cash payments, cash outflows, and/or a net decrease in cash.) Lamos Legal Services, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities $ 110,000 Net Income (12,000) Net cash provided by (used for) operating activities $ 98,000 Cash flows from investing activities: Purchases of equipment $ (44,000) Net cash provided by used for) investing activities (44,000) Cash flows from financing activities: Payment of dividends - 25000 -25000 Net cash provided by (used for) financing activities Net increase (decrease) in cash 18,000 Cash balance, December 31, 2017 Cash balance, December 31, 2018Step by Step Solution
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