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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
:9
F1
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Expenses
LANDMAR
prior years follow.
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and
For Current Year Ended December 31
Sales revenue
2
Cost of goods sold
Depreciation expense
Salaries expense
Rent expense
Insurance expense
Interest expense
Utilities expense
Net income
2
LANSING COMPANY
Income Statement
@
At December 31
Accounts receivable
Inventory
Accounts payable
Salaries payable
F2
W
Utilities payable
Prepaid insurance
Prepaid rent
LANSING COMPANY
Selected Balance Sheet Accounts
#
3
20
F3
E
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$
4
$ 109,200
000
000
F4
Current Year
$ 6,000
2,380
4,800
R
46,000
14,000
22,000
9,400
4,200
4,000
3,200
$ 6,400
960
300
300
300
%
5
Prior Year
$ 6,600
1,740
5,400
740
200
360
220
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Transcribed Image Text:y
Bookmarks Profiles Tab Window Help
S (201 (2|1 (2 |
pon.com/ext/map/index.html?_con=con&external_browser=0&launch
ouTube
aw
11
Q
Required information
[The following information applies to the questions displayed below.]
:9
F1
Classes N Netflix
Expenses
LANDMAR
prior years follow.
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and
For Current Year Ended December 31
Sales revenue
2
Cost of goods sold
Depreciation expense
Salaries expense
Rent expense
Insurance expense
Interest expense
Utilities expense
Net income
2
LANSING COMPANY
Income Statement
@
At December 31
Accounts receivable
Inventory
Accounts payable
Salaries payable
F2
W
Utilities payable
Prepaid insurance
Prepaid rent
LANSING COMPANY
Selected Balance Sheet Accounts
#
3
20
F3
E
Dashboard EDU 1011 (2019-F...
EDU 1011 (2019-F... G Annotated Bibliog... A Study on the He...
$
4
$ 109,200
000
000
F4
Current Year
$ 6,000
2,380
4,800
R
46,000
14,000
22,000
9,400
4,200
4,000
3,200
$ 6,400
960
300
300
300
%
5
Prior Year
$ 6,600
1,740
5,400
740
200
360
220
F5
T
< Prev
6
Saved
F6
Y
мр
1 of 1
&
7
Url=https%253A%252F%252FI...
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T
Cash flows from operating activities:
!
A
Required:
deducted should be indicated with a minus sign.)
Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be
Q
Adjustments to reconcile net income to net cash provided by operations:
Income statement items not affecting cash
Z
Changes in current assets and current liabilities
2
72
SO
39²
W
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X
H
LANSING COMPANY
Cash Flows from Operating Activities-Indirect Method
For Current Year Ended December 31
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Transcribed Image Text:History Bookmarks
(29) YouTube
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Classes N Netflix Dashboard
Mc
Graw
Hill
Bookmarks Profiles Tab Window Help
ption
T
Cash flows from operating activities:
!
A
Required:
deducted should be indicated with a minus sign.)
Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be
Q
Adjustments to reconcile net income to net cash provided by operations:
Income statement items not affecting cash
Z
Changes in current assets and current liabilities
2
72
SO
39²
W
S
X
H
LANSING COMPANY
Cash Flows from Operating Activities-Indirect Method
For Current Year Ended December 31
#3
80
F3
E
D
C
6 4
Dashboard EDU 1011 (2019-F... G
$
DOO
000
F4
R
LL
F
%
5
(20
V
F5
T
#tv
G
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6
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Y
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MD
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1 of 1
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&
7
Url=https%253A%252F%252FI...
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G Annotated Bibliog... A Study on the He.... G Gma
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F7
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B N
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Expert Solution
Step 1
Cash flow statement represents the cash inflow and cash outflow of the company that involves the cash transactions from operating, financing and investing activities.
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