Please don't give Solutions image based thanku **Lansing Company's Financial Data and Cash Flow Preparation****1. Income Statement***Lansing Company Income Statement* For Current Year Ended December 31- **Sales Revenue:** $124,200 - **Expenses:** - Cost of Goods Sold: $51,800 - Depreciation Expense: $6,700 - Salaries Expense: $27,800 - Interest Expense: $4,200 - Insurance Expense: $4,700 - Income Tax Expense: $8,100 - **Net Income:** $6,900 **2. Selected Balance Sheet Accounts***At December 31* | Account | Current Year | Prior Year ||--------------------------|--------------|------------|| Accounts Receivable | $5,800 | $5,100 || Inventory | $6,600 | $7,600 || Accounts Payable | $5,080 | $4,700 || Income Taxes Payable | $480 | $780 || Prepaid Insurance | $460 | $270 |---**3. Cash Flows from Operating Activities - Indirect Method***Lansing Company Cash Flows From Operating Activities—Indirect Method* For Current Year Ended December 31- **Cash flows from operating activities:** - Adjustments to reconcile net income to net cash provided by operations. - Include sections for adjustments that account for income statement items not affecting cash. - Details pending on specific account adjustments based on changes in current assets and current liabilities.---**Instructions:**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.This educational content provides a clear view of Lansing Company's financial position, including a comprehensive income statement and balance sheet data, vital for understanding the preparation of cash flows.

Cash flow statement is a statement that is prepared to find out the cash comes in and goes out, by…

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 $ 124,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income At December 31 Accounts receivable Inventory Ac unts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts 51,000 16,500 27,000 9,900 4,700 4,500 3,700 $ 6,900 Cash flows from operating activities: Current Year Prior Year $6,500 2,800 5,300 1,060 400 350 400 $7,600 1,990 6,400 Denira 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. Changes in current assets and current liabilities 798 250 460 270 LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 Adjustments t cile net income to net cash provided by operations: Income statement items not affecting cash

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 $ 124,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income At December 31 Accounts receivable Inventory Ac unts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts 51,000 16,500 27,000 9,900 4,700 4,500 3,700 $ 6,900 Cash flows from operating activities: Current Year Prior Year $6,500 2,800 5,300 1,060 400 350 400 $7,600 1,990 6,400 Denira 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. Changes in current assets and current liabilities 798 250 460 270 LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 Adjustments t cile net income to net cash provided by operations: Income statement items not affecting cash

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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