[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 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 97,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 42,000 12,000 18,000 9,000 3,800 3,600 2,800 $ 6,000 LANSING COMPANY Selected Balance Sheet Accounts Current Year $ 5,600 1,980 4,400 880 220 260 220 Prior Year $ 5,800 1,540 4,600 700 160 280 180
[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 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 97,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 42,000 12,000 18,000 9,000 3,800 3,600 2,800 $ 6,000 LANSING COMPANY Selected Balance Sheet Accounts Current Year $ 5,600 1,980 4,400 880 220 260 220 Prior Year $ 5,800 1,540 4,600 700 160 280 180
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 7P: Complex Income Statement The following items were derived from Woodbine Circle Corporations adjusted...
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![Required information
[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 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
$ 97,200
LANSING COMPANY
Selected Balance Sheet Accounts
Current Year
$ 5,600
1,980
4,400
880
220
260
220
Inventory
Accounts payable
Salaries payable
Utilities payable
Prepaid insurance
Prepaid rent
42,000
12,000
18,000
9,000
3,800
3,600
2,800
$ 6,000
Prior Year
$ 5,800
1,540
4,600
700
160
280
180](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96ccea39-6e20-4e83-b9fb-b22d2ae10407%2F806fd6a0-39fc-42ee-a52b-8c1693ac96ea%2F53048j_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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 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
$ 97,200
LANSING COMPANY
Selected Balance Sheet Accounts
Current Year
$ 5,600
1,980
4,400
880
220
260
220
Inventory
Accounts payable
Salaries payable
Utilities payable
Prepaid insurance
Prepaid rent
42,000
12,000
18,000
9,000
3,800
3,600
2,800
$ 6,000
Prior Year
$ 5,800
1,540
4,600
700
160
280
180
Transcribed Image Text:Required:
Prepare 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.)
LANSING COMPANY
Cash Flows from Operating Activities-Direct Method
For Current Year Ended December 31
Cash flows from operating activities
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