Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 97,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 42,000 12,000 18,000 9,000 3,800 3,600 2,800 $ 6,000 LANSING COMPANY Selected Balance Sheet Accounts Current Year $ 5,600 1,980 4,400 880 220 260 220 Prior Year $ 5,800 1,540 4,600 700 160 280 180 Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign.
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 97,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 42,000 12,000 18,000 9,000 3,800 3,600 2,800 $ 6,000 LANSING COMPANY Selected Balance Sheet Accounts Current Year $ 5,600 1,980 4,400 880 220 260 220 Prior Year $ 5,800 1,540 4,600 700 160 280 180 Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and
prior years follow.
LANSING COMPANY
Income Statement
For Current Year Ended December 31
Sales revenue
Expenses
Cost of goods sold
Depreciation expense
Salaries expense
Rent expense
Insurance expense
Interest expense
Utilities expense
Net income
$ 97,200
At December 31
Accounts receivable
Inventory
Accounts payable
Salaries payable
Utilities payable.
Prepaid insurance
Prepaid rent
18,000
9,000
3,800
3,600
2,800
$ 6,000
LANSING COMPANY
Selected Balance Sheet Accounts
Current Year
42,000
12,000
$ 5,600
1,980
4,400
880
220
260
220
Prior Year
$ 5,800
1,540
4,600
700
280
180
Required:
Prepare the operating activities section of the statement of cash flows using the indirect method for the current year.
Note: Amounts to be deducted should be indicated with a minus sign.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc2b0b5bf-4c3c-4c2d-b15e-f7f713b38ffe%2F74017842-84bb-403a-a60c-66cf13441c41%2F4mguwvi_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and
prior years follow.
LANSING COMPANY
Income Statement
For Current Year Ended December 31
Sales revenue
Expenses
Cost of goods sold
Depreciation expense
Salaries expense
Rent expense
Insurance expense
Interest expense
Utilities expense
Net income
$ 97,200
At December 31
Accounts receivable
Inventory
Accounts payable
Salaries payable
Utilities payable.
Prepaid insurance
Prepaid rent
18,000
9,000
3,800
3,600
2,800
$ 6,000
LANSING COMPANY
Selected Balance Sheet Accounts
Current Year
42,000
12,000
$ 5,600
1,980
4,400
880
220
260
220
Prior Year
$ 5,800
1,540
4,600
700
280
180
Required:
Prepare the operating activities section of the statement of cash flows using the indirect method for the current year.
Note: Amounts to be deducted should be indicated with a minus sign.
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