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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 $ 124,200 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 Ac unts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts 51,000 16,500 27,000 9,900 4,700 4,500 3,700 $ 6,900 Cash flows from operating activities: Current Year Prior Year $6,500 2,800 5,300 1,060 400 350 400 $7,600 1,990 6,400 Denira Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Changes in current assets and current liabilities 798 250 460 270 LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 Adjustments t cile net income to net cash provided by operations: Income statement items not affecting cash

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 $ 124,200 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 Ac unts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent LANSING COMPANY Selected Balance Sheet Accounts 51,000 16,500 27,000 9,900 4,700 4,500 3,700 $ 6,900 Cash flows from operating activities: Current Year Prior Year $6,500 2,800 5,300 1,060 400 350 400 $7,600 1,990 6,400 Denira Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Changes in current assets and current liabilities 798 250 460 270 LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 Adjustments t cile net income to net cash provided by operations: Income statement items not affecting cash

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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. LANSING COMPANY Selected Balance Sheet Accounts Prepaid insurance. Prepaid rent $ 124,200 51,000 16,500 27,000 9,900 Cash flows from operating activities 4,700 4,500 3,700 $ 6,900 Current Year Prior Year $ 6,500 2,880 5,300 1,060 400 350 400 Changes in current assets and current liabilities $7,600 1,990 6,400 Ranura Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. 798 250 460 270 LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash
Transcribed Image Text: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. LANSING COMPANY Selected Balance Sheet Accounts Prepaid insurance. Prepaid rent $ 124,200 51,000 16,500 27,000 9,900 Cash flows from operating activities 4,700 4,500 3,700 $ 6,900 Current Year Prior Year $ 6,500 2,880 5,300 1,060 400 350 400 Changes in current assets and current liabilities $7,600 1,990 6,400 Ranura Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. 798 250 460 270 LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash
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