Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. Prepare the Statement of Cash Flows of Laris Corporation for 2019, by using the financial statements below. (20 pts) Laris Corporation Income Statement For

image text in transcribed
2. Prepare the "Statement of Cash Flows" of Laris Corporation for 2019, by using the financial statements below. (20 pts) Laris Corporation Income Statement For the year ended December 31, 2019 Sales revenue $150,000 Cost of goods sold 117.500 Gross Profits $32,500 Selling expense 4,500 General and administrative expense 4.000 Depreciation expense 4,000 Operating profits $ 20,000 Interest expense 2.500 Net profit before taxes $ 17,500 Taxes (40%) 7,000 Net profit after taxes $ 10,500 Laris Corporation Balance Sheet For the Years Ended December 31, 2017 and 2018 2019 2018 Assets Cash $24.000 $21,00 Accounts receivable 45,000 39,000 Inventory 30,000 27.000 Gross fixed assets $42,000 940,000 Acc. Depreciation 22,000 18.000 Net fixed assets 20.000 22.000 Total assets $119,000 $109,000 Liabilities and Equity Accounts payable $25,000 $30,000 Notes payable 50,000 40,000 Accruals 1,000 2,000 Long-term debts 10,000 8,000 Common stock at par 1,000 1,000 Paid-in capital in excess of par 4,000 4.000 Retained earnings 28AXH 24.COM Total liabilities and equity $119,000 $109,000

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

Step: 3

blur-text-image

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

Personal Finance

Authors: Jack Kapoor

12th Edition

125996776X, 9781259967764

More Books

Students also viewed these Finance questions