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.)

Name: Lansing Company's current-year income statement and selected balance
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Description: Lansing Company's current-year income statement and selected balance sheet data at December 31 ofthe current and prior years follow.LANSING COMPANYIncome StatementFor Current Year Ended December 31Sales revenue$ 130,200ExpensesCost of goods soldDepr

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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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…
The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows: Sales $570,960 Cost of merchandise sold 324,190 Gross profit $246,770 Operating expenses: Depreciation expense $43,810 Other operating expenses 115,830 Total operating expenses 159,640 Income before income tax S87,130 Income tax expense 24,180 Net income $62,950 Changes in the balances of selected accounts from the beginning to the end of the current year are as follows: Increase Decrease Accounts receivable (net) S(12,650) Inventories 4,410 Prepaid expenses (4,220) Accounts payable (merchandise creditors) (9,000) Accrued expenses payable (operating expenses) 1,260 Income tax payable (3,020) a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the direct method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Booker T Industries Inc. Cash Flows from Operating Activities…
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