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 $ 130,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 53,000 17,500 29,000 10,100 4,900 4,700 3,900 Net income %24 7,100 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year $ 6,700 $ 8,000 2,090 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 3,080 5,500 1,100 6,800 810 440 270 370 500 440 290 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 $ 130,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 53,000 17,500 29,000 10,100 4,900 4,700 3,900 Net income %24 7,100 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year $ 6,700 $ 8,000 2,090 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 3,080 5,500 1,100 6,800 810 440 270 370 500 440 290 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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