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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 $ 121,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 Current Year $ 6,400 Cash flows from operating activities: 2,780 5,200 1,040 380 340 380 Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) Changes i current assets and current liabilities Net cash provided by financing activities Prior Year $ 7,400 1,940 6,200 LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 780 240 440 260 Adjustments to reconcile 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 $ 121,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 Current Year $ 6,400 Cash flows from operating activities: 2,780 5,200 1,040 380 340 380 Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) Changes i current assets and current liabilities Net cash provided by financing activities Prior Year $ 7,400 1,940 6,200 LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 780 240 440 260 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash $

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...
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g Company's current-year income statement and ed balance sheet data at December 31 of the current ior years follow. LANSING COMPANY Income Statement. or Current Year Ended December 31 5 revenue $ 121,200 ises it of goods sold reciation expense Laries expense it expense surance expense :erest expense ilities expense income ecember 31 unts receivable itory unts payable ies payable ities payable LANSING COMPANY Selected Balance Sheet Accounts aid insurance aid rent n operating activities: 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 Current Year $ 6,400 2,780 5,200 1,040 380 340 380 ded by financing activities rent assets and current liabilities Prior Year $ 7,400 le operating activities section of the statement of ; using the indirect method for the current year. to be deducted should be indicated with a minus 1,940 6,200 LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 780 240 440 260 reconcile net income to net cash provided by operations: ent items not affecting cash $ $ 6,800 0 6,800
Transcribed Image Text:g Company's current-year income statement and ed balance sheet data at December 31 of the current ior years follow. LANSING COMPANY Income Statement. or Current Year Ended December 31 5 revenue $ 121,200 ises it of goods sold reciation expense Laries expense it expense surance expense :erest expense ilities expense income ecember 31 unts receivable itory unts payable ies payable ities payable LANSING COMPANY Selected Balance Sheet Accounts aid insurance aid rent n operating activities: 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 Current Year $ 6,400 2,780 5,200 1,040 380 340 380 ded by financing activities rent assets and current liabilities Prior Year $ 7,400 le operating activities section of the statement of ; using the indirect method for the current year. to be deducted should be indicated with a minus 1,940 6,200 LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 780 240 440 260 reconcile net income to net cash provided by operations: ent items not affecting cash $ $ 6,800 0 6,800
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 $ 121,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense. Interest expense Utilities expense Net income LANSING COMPANY Selected Balance Sheet Accounts Current Year At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 Cash flows from operating activities: $6,400 2,780 5,200 1,040 380 340 380 Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) Changes in current assets and current liabilities Net cash provided by financing activities Prior Year $ 7,400 1,940 6,200 LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 780 240 440 260 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 $ 121,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense. Interest expense Utilities expense Net income LANSING COMPANY Selected Balance Sheet Accounts Current Year At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 Cash flows from operating activities: $6,400 2,780 5,200 1,040 380 340 380 Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) Changes in current assets and current liabilities Net cash provided by financing activities Prior Year $ 7,400 1,940 6,200 LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 780 240 440 260 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash $
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