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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 11 Sales revenue Expenses Cost t of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net Income $ 139,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid Insurance Prepaid rent 56,000 19,000 32,000 10,400 1,200 LANSING COMPANY Selected Balance Sheet Accounts Current Year $7,000 3,300 5,000 1,100 500 $ 7,400 Prior Year $8,000 2,240 7,400 blem 16-2AB (Algo) Direct: Computing cash flows from operations LO PS uired: are 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.

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 11 Sales revenue Expenses Cost t of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net Income $ 139,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid Insurance Prepaid rent 56,000 19,000 32,000 10,400 1,200 LANSING COMPANY Selected Balance Sheet Accounts Current Year $7,000 3,300 5,000 1,100 500 $ 7,400 Prior Year $8,000 2,240 7,400 blem 16-2AB (Algo) Direct: Computing cash flows from operations LO PS uired: are 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.

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 Expenses Cost of a goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 139,200 At December 31 Accounts receivable Inventory Accounts payable Salarles payable Utilities payable Prepaid Insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts Current Year 56,000 19,000 32,000 10,400 5,200 5,000 4,200 $ 7,400 $7,000 3,180 5,000 1,160 500 400 500 Prior Year $ 8,000 2,248 7,400 840 300 560 320 Problem 16-2AB (Algo) Direct: Computing cash flows from operations LO PS 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. Answer is complete but not entirely correct. LANSING COMPANY
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 Expenses Cost of a goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 139,200 At December 31 Accounts receivable Inventory Accounts payable Salarles payable Utilities payable Prepaid Insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts Current Year 56,000 19,000 32,000 10,400 5,200 5,000 4,200 $ 7,400 $7,000 3,180 5,000 1,160 500 400 500 Prior Year $ 8,000 2,248 7,400 840 300 560 320 Problem 16-2AB (Algo) Direct: Computing cash flows from operations LO PS 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. Answer is complete but not entirely correct. LANSING COMPANY
Problem 16-2AB (Algo) Direct: Computing cash flows from operations LO PS 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. Answer is complete but not entirely correct. LANSING COMPANY Cash Flows from Operating Activities-Direct Method For Current Year Ended December 31 Cash flows from operating activities Cash receipts from customers Cash payments to suppliers Cash payments for salaries Cash payments for utilities Cash payments for rent Cash payments for insurance Cash payments for interest Net cash provided by operating activities 140,800 O 58,740 O 31,000 4.000 000000 O • 10,500 € 5,040 57,140 $ 307,080
Transcribed Image Text:Problem 16-2AB (Algo) Direct: Computing cash flows from operations LO PS 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. Answer is complete but not entirely correct. LANSING COMPANY Cash Flows from Operating Activities-Direct Method For Current Year Ended December 31 Cash flows from operating activities Cash receipts from customers Cash payments to suppliers Cash payments for salaries Cash payments for utilities Cash payments for rent Cash payments for insurance Cash payments for interest Net cash provided by operating activities 140,800 O 58,740 O 31,000 4.000 000000 O • 10,500 € 5,040 57,140 $ 307,080
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