Problem 16-1APreparing the statement of cash flows (indirect method)LO5,6

CHECK FIGURE:Net cash inflow from operating activities = $69,870

LAG Network Inc.'s balance sheet and income statement are as follows:

9 - Graded LP5.2 Assignment: X Class Corporate Accounting it X Problems X Homework Help - Q&A from x LP5.1 Excel Template Ex. 16.1 x + X C A prod.reader-ui.prod.mheducation.com/epub/sn_beeda/data-uuid-ce055d151a78496560aafOfd4168231c G kk Paused Aa LAG Network Inc. LAG Network Inc. Income Statement Comparative Balance Sheet Information For Year Ended December 31, 2020 December 31 Sales........ $926,600 Assets 2020 2019 Cost of goods sold.. 554,200 Cash...... $ 81,170 $ 54,000 Gross profit...... $372,400 Accounts receivable... 40,400 37,200 Operating expenses: Merchandise inventory... 288,730 245,000 Depreciation expense...... $ 25,200 Equipment...... 152,400 138,000 Other expenses..... 227,800 Accumulated depreciation.......... (69,800) (44,600 ) Total operating expenses..... 253,000 Total assets...... $492,900 $429,600 Profit from operations...... $119,400 Liabilities and Equity Income taxes.... 16,600 Accounts payable..... $ 29,200 $ 41,800 Profit.... $102,800 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 Type here to search O Eli X 11:02 PM 3.C Clear 10/21/2021