Don't give answer in image format Required informationUse 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 andprior years follow.LANSING COMPANYIncome StatementFor Current Year Ended December 31Sales revenueExpensesCost of agoods soldDepreciation expenseSalaries expenseRent expenseInsurance expenseInterest expenseUtilities expenseNet income$ 139,200At December 31Accounts receivableInventoryAccounts payableSalarles payableUtilities payablePrepaid InsurancePrepaid rentLANSING COMPANYSelected Balance Sheet AccountsCurrent Year56,00019,00032,00010,4005,2005,0004,200$ 7,400$7,0003,1805,0001,160500400500Prior Year$ 8,0002,2487,400840300560320Problem 16-2AB (Algo) Direct: Computing cash flows from operations LO PSRequired: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 PSRequired: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 COMPANYCash Flows from Operating Activities-Direct MethodFor Current Year Ended December 31Cash flows from operating activitiesCash receipts from customersCash payments to suppliersCash payments for salariesCash payments for utilitiesCash payments for rentCash payments for insuranceCash payments for interestNet cash provided by operating activities140,800O 58,740O 31,0004.000000000O•10,500 €5,04057,140$ 307,080

The cash flow from operating activities can be calculated using different methods as direct and…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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