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LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $136, 200 Expenses Cost of goods sold Depreciation expense 55, 000 18,500

LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $136, 200 Expenses Cost of goods sold Depreciation expense 55, 000 18,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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LANSING COMPANY Income Statement, For Current Year Ended December 31 Sales revenue $136, 200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 55, 000 18,500 31, 000 10,300 5,100 4, 900 4,100 Net income 7,300 LANSING COMPANY At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent Selected Balance Sheet Accounts Current Year S6,900 3,280 5,700 1,140 480 Prior Year S8,400 2,190 7,200 830 290 390 540 480 310 Prey 1 of 1 Nexe
Transcribed Image Text:LANSING COMPANY Income Statement, For Current Year Ended December 31 Sales revenue $136, 200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 55, 000 18,500 31, 000 10,300 5,100 4, 900 4,100 Net income 7,300 LANSING COMPANY At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent Selected Balance Sheet Accounts Current Year S6,900 3,280 5,700 1,140 480 Prior Year S8,400 2,190 7,200 830 290 390 540 480 310 Prey 1 of 1 Nexe
Che Required information Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operations: Prev 1 of 1 Next
Transcribed Image Text:Che Required information Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operations: Prev 1 of 1 Next
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