[The following information applies to the questionsdisplayed below.]Lansing Company's current-year income statement andselected balance sheet data at December 31 of the currentand prior years follow.LANSING COMPANYIncome StatementFor Current Year Ended December 31Sales revenue$ 121,200ExpensesCost of goods soldDepreciation expenseSalaries expenseRent expenseInsurance expenseInterest expenseUtilities expenseNet incomeAt December 31Accounts receivableLANSING COMPANYSelected Balance Sheet AccountsInventoryAccounts payableSalaries payableUtilities payablePrepaid insurancePrepaid rentCash flows from operating activities:50,00016,00026,0009,8004,6004,4003,600$ 6,800Current Year$ 6,4002,7805,2001,040380340380c?Changes in current assets and current liabilitiesPrior Year$ 7,400Required:Prepare the operating activities section of the statement ofcash flows using the indirect method for the current year.(Amounts to be deducted should be indicated with a minussign.)1,9406,200LANSING COMPANYCash Flows from Operating Activities-Indirect MethodFor Current Year Ended December 31780240440260Adjustments to reconcile net income to net cash provided by operations:Income statement items not affecting cash uning invitation uppines in on YOUJOVISed below.]Company's current-year income statement and1 balance sheet data at December 31 of the currentir years follow.LANSING COMPANYIncome StatementCurrent Year Ended December 31revenue¡esof goods soldeciation expenseiries expense: expenseirance expenserest expenseities expenseIcometember 31its receivableLANSING COMPANYSelected Balance Sheet Accountscoryits payableLes payable.ties payabled insuranceid rent$ 121,20050,00016,00026,0009,8004,6004,4003,600$ 6,800operating activities:Current Year Prior Year$ 6,400$ 7,4002,7805,2001,040380340380ent assets and current liabilities1,9406,200e operating activities section of the statement ofusing the indirect method for the current year.to be deducted should be indicated with a minus780240440260LANSING COMPANYCash Flows from Operating Activities-Indirect MethodFor Current Year Ended December 31econcile net income to net cash provided by operations:nt items not affecting cash

Cash flow from operating activities is a part of cash flow statement. The cash flow statement is an…

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 $ 121,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 LANSING COMPANY Selected Balance Sheet Accounts Current Year $ 6,400 2,780 5,200 1,040 380 340 380 Prior Year $ 7,400 1,940 6,200 780 240 440 260 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'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 $ 121,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 LANSING COMPANY Selected Balance Sheet Accounts Current Year $ 6,400 2,780 5,200 1,040 380 340 380 Prior Year $ 7,400 1,940 6,200 780 240 440 260 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.)

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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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 $ 121,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 LANSING COMPANY Selected Balance Sheet Accounts Current Year Prior Year $ 6,400 $ 7,400 2,780 1,940 5,200 6,200 1,040 380 340 380 780 240 440 260 Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign.)
Use the following information for the Problems below. Skip to question [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 COMPANYIncome StatementFor Current Year Ended December 31 Sales revenue $ 127,200 Expenses Cost of goods sold 52,000 Depreciation expense 17,000 Salaries expense 28,000 Rent expense 10,000 Insurance expense 4,800 Interest expense 4,600 Utilities expense 3,800 Net income $ 7,000 LANSING COMPANYSelected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 6,600 $ 7,800 Inventory 2,980 2,040 Accounts payable 5,400 6,600 Salaries payable 1,080 800 Utilities payable 420 260 Prepaid insurance 360 480 Prepaid rent…
Subject :- Accounting
The financial statements of New World, Incorporated, provide the following information for the current year: December 31 January 1 Accounts receivable $ 288,000 $ 391,500 Inventory $ 281,250 $ 267,000 Prepaid expenses $ 73,200 $ 70,500 Accounts payable (for merchandise) $ 259,800 $ 251,550 Accrued expenses payable $ 66,150 $ 79,950 Net sales $ 3,172,500 Cost of goods sold $ 1,672,500 Operating expenses (including depreciation of $64,000) $ 382,500 What is New World's net cash flow from operating activities for the current year?
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