[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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Selected balance sheet information and the income statement for Pioneer Industries for the current year are presented below. Selected Balance Sheet Accounts Accounts Receivable Prior Year Current Year $ 24,000 $ 16,000 Inventory 32,000 35,200 Prepaid Rent 1,600 0 Accounts Payable 17,600 22,400 Salaries and Wages 3,200 4,800 Payable 04:23 Depreciation Expense Salaries Expense Income Statement Sales Revenue $ 480,000 Expenses: Cost of Goods Sold 288,000 32,000 48,000 19,200 19,200 17,600 16,000 $ 40,000 Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Enter any deductions and cash outflows as a negative value.) Pioneer Industries Cash Flows from Operating Activities Adjustments to reconcile net income to net cash provided by operating activities: Changes in current assets and current liabilities: $ 0
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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…
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