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 $ 136,200 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 Accounts payable Salaries payable i Utilities payable Prepaid insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts 55,000 18,500 31,000 10,300 5,100 4,900 4,100 $7,300 5,700 1,140 Current Year Prior Year $ 6,900 3,280 480 390 480 $8,400 2,190 7,200 830 290 540 310
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 $ 136,200 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 Accounts payable Salaries payable i Utilities payable Prepaid insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts 55,000 18,500 31,000 10,300 5,100 4,900 4,100 $7,300 5,700 1,140 Current Year Prior Year $ 6,900 3,280 480 390 480 $8,400 2,190 7,200 830 290 540 310
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Use the following information for the Problems below. (Algo)
[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
$ 136,200
Expenses
Cost of goods soldi
Depreciation expense.
Salaries expense
Rent expense
Insurance expense
Interest expense
Utilities expense
Net income
At December 31
Accounts receivable
LANSING COMPANY
Selected Balance Sheet Accounts
Inventory
Accounts payable
Salaries payable
Utilities payable
Prepaid insurance
Prepaid rent:
55,000
18,500.
31,000
3,280
5,700
1,140
10,300
5,100
4,900
4,100
$ 7,300
Current Year Prior Year
$ 6,900
480
390
480
$8,400
2,190
7,200
830
290
540
310
Problem 12-2AB (Alao) Direct: Computina cash flows from operations LO P5
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Transcribed Image Text:Required information
Use the following information for the Problems below. (Algo)
[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
$ 136,200
Expenses
Cost of goods soldi
Depreciation expense.
Salaries expense
Rent expense
Insurance expense
Interest expense
Utilities expense
Net income
At December 31
Accounts receivable
LANSING COMPANY
Selected Balance Sheet Accounts
Inventory
Accounts payable
Salaries payable
Utilities payable
Prepaid insurance
Prepaid rent:
55,000
18,500.
31,000
3,280
5,700
1,140
10,300
5,100
4,900
4,100
$ 7,300
Current Year Prior Year
$ 6,900
480
390
480
$8,400
2,190
7,200
830
290
540
310
Problem 12-2AB (Alao) Direct: Computina cash flows from operations LO P5
www
Transcribed Image Text:Prepaid insurance.
Prepaid rent
340
480
Problem 12-2AB (Algo) Direct: Computing cash flows from operations LO P5
Required:
Prepare the operating activities section of the statement of cash flows using the direct method for the current year.
Note: Amounts to be deducted should be indicated with a minus sign.
LANSING COMPANY
Cash Flows from Operating Activities-Direct Method
For Current Year Ended December 31
Cash flows from operating activities
540
310
$
0
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