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 $ 145,200 Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts 58,000 20,000 5,400 5,200 4,400 $ 7,600 34,000 10,600 3,580 6,000 1,200 Current Year Prior Year $ 7,200 540 420 540 $9,000 2,340 7,800 860 320 600 340

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 $ 145,200 Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts 58,000 20,000 5,400 5,200 4,400 $ 7,600 34,000 10,600 3,580 6,000 1,200 Current Year Prior Year $ 7,200 540 420 540 $9,000 2,340 7,800 860 320 600 340

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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