Required information [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 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 Utilities payable Prepaid insurance. Prepaid rent $ 121,200 LANSING COMPANY Selected Balance Sheet Accounts 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 Cash flows from operating activities Current Year $ 6,400 2,780 5,200 1,040 380 340 380 Prior Year $ 7,400 1,940 6,200 Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. 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 31 780 240 440 260

Required information [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 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 Utilities payable Prepaid insurance. Prepaid rent $ 121,200 LANSING COMPANY Selected Balance Sheet Accounts 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 Cash flows from operating activities Current Year $ 6,400 2,780 5,200 1,040 380 340 380 Prior Year $ 7,400 1,940 6,200 Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. 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 31 780 240 440 260

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Description: Required information[The following information applies to the questionsdisplayed below.]Lansing Company's current-year income statement andselected balance sheet data at December 31 of the currentand prior years follow.LANSING COMPANYIncome Statemen

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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