Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step. Lansing Company's current-year income statement and selected balance sheet data at December 31 of the currentand prior years follow.LANSING COMPANYIncome StatementFor Current Year Ended December 31Sales revenueExpensesCost of goods sold.Depreciation expenseSalaries expenseRent expenseInsurance expenseInterest expenseUtilities expenseNet income$ 109,200At December 31Accounts receivableInventoryAccounts payableSalaries payableUtilities payablePrepaid insurance.Onnnald monkLANSING COMPANYSelected Balance Sheet Accounts46,00014,00022,0009,4004,2004,0003,200$ 6,400Current Year$ 6,0002,3804,800960300300Prior Year$ 6,6001,7405,400740200360330 LANSING COMPANYSelected Balance Sheet AccountsAt December 31Accounts receivableInventoryAccounts payableSalaries payableUtilities payablePrepaid insurancePrepaid rentCurrent Year$ 6,0002,3804,800Show Transcribed Text960300Cash flows from operating activities:300300Problem 16-1A (Algo) Indirect: Computing cash flows from operations LO P2Prior Year$ 6,6001,7405,400Required: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.740200360220Changes in current assets and current liabilitiesLANSING COMPANYCash Flows from Operating Activities-Indirect MethodFor Current Year Ended December 31Adjustments to reconcile net income to net cash provided by operations:Income statement items not affecting cash+$00

The cash flow statement is an essential part of the company's financial statements. A cash flow…

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 $ 109,200 LANSING COMPANY Selected Balance Sheet Accounts Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Onnaald k 46,000 14,000 22,000 9,400 4,200 4,000 3,200 $ 6,400 Current Year $ 6,000 2,380 4,800 960 300 300 960 Prior Year $6,600 1,740 5,400 740 200 360 130

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 $ 109,200 LANSING COMPANY Selected Balance Sheet Accounts Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Onnaald k 46,000 14,000 22,000 9,400 4,200 4,000 3,200 $ 6,400 Current Year $ 6,000 2,380 4,800 960 300 300 960 Prior Year $6,600 1,740 5,400 740 200 360 130

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 19BEA

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