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Problem 12-1A Indirect: Computing cash flows from operations LO P2 Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow. Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income LANSING COMPANY Income Statement For Year Ended December 31, 2017 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts $ 2017 5,600 1,980 4,400 880 220 260 220 $ 97,200 $ $ 42,000 12,000 18,000 9,000 3,800 3,600 2,800 6,000 2016 5,800 1,540 4,600 700 160 280 180 Cash Flows from Operating Activities - Indirect Method

Problem 12-1A Indirect: Computing cash flows from operations LO P2 Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow. Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income LANSING COMPANY Income Statement For Year Ended December 31, 2017 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts $ 2017 5,600 1,980 4,400 880 220 260 220 $ 97,200 $ $ 42,000 12,000 18,000 9,000 3,800 3,600 2,800 6,000 2016 5,800 1,540 4,600 700 160 280 180 Cash Flows from Operating Activities - Indirect Method

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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Problem 12-1A Indirect: Computing cash flows from operations LO P2 Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow. Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income LANSING COMPANY Income Statement For Year Ended December 31, 2017 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts $ 2017 5,600 1,980 4,400 880 220 260 220 $ 97,200 $ 42,000 12,000 18,000 9,000 3,800 3,600 2,800 6,000 2016 5,800 1,540 4,600 700 160 280 180 Cash Flows from Operating Activities - Indirect Method
Transcribed Image Text:Problem 12-1A Indirect: Computing cash flows from operations LO P2 Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow. Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income LANSING COMPANY Income Statement For Year Ended December 31, 2017 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts $ 2017 5,600 1,980 4,400 880 220 260 220 $ 97,200 $ 42,000 12,000 18,000 9,000 3,800 3,600 2,800 6,000 2016 5,800 1,540 4,600 700 160 280 180 Cash Flows from Operating Activities - Indirect Method
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