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Homework answers / question archive / Laux Company had the following Income Statement for 2018 and Balance sheets as of December 31, 2017 and 2018

Laux Company had the following Income Statement for 2018 and Balance sheets as of December 31, 2017 and 2018

Accounting

Laux Company had the following Income Statement for 2018 and Balance sheets as of December 31, 2017 and 2018. Determine the net cash provided by or used for operating activities for 2018, the cash provided by or used for investing activities, and the cash provided by or used for financing activities.

Laux Company

Income Statement

For the year ended December 31, 2018

Sales

$418,100

Cost of goods sold

210,000

Gross margin

208,100

Operating expenses

52,000

Income from operations

156,100

Loss on sale of equipment*

(2,000)

Income before taxes

154,100

Income tax expense

22,000

Net income

$132,100

Laux Company

Balance Sheet
 

December 31,2018

December 31,2017

Assets

    

Cash

              146,300

                43,200

Accounts receivable

                73,200

                75,200

Merchandise inventory

                60,000

                59,000

Property and equipment

              320,000

              310,000

Less: Accumulated depreciation

           (100,000)

           (120,000)

  

              499,500

              367,400
     

Accounts payable

                51,000

                44,700

Wages payable

                  2,000

                  2,200

Note payable, long-term

                73,000

                77,000

Contributed capital

              103,100

                90,100

Retained earnings

              270,400

              153,400
 

              499,500

              367,400

*Laux sold equipment for $3,000. It had an original cost of $35,000 and accumulated depreciation of $30,000. There was a loss of $2,000 recognized on the sale. Laux sold stock for $13,000 and paid dividends of $15,100. Show dividends as a financing activity (rather than an operating activity).

What was depreciation expense?

What were acquisitions?

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Cash provided by (if positive) or cash used for (if negative) operating activities:

Cash provided by (if positive) or cash used for (if negative) investing activities:

Cash provided by (if positive) or cash used for (if negative) financing activities:

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