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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

FINANCIAL ACCOUNTING
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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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: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
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
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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