Refer to the information in Problem. In Problem Required Prepare the cash flows from operating activities section
Question:
Refer to the information in Problem.
In Problem
Required
Prepare the cash flows from operating activities section only of the company€™s 2015 statement of cash flows using the direct method.
Transcribed Image Text:
LANSING COMPANY Income Statement For Year Ended December 31,2015 Sales revenue.... Expenses $97,200 LANSING COMPANY Selected Balance Sheet Accounts Cost of goods sold 42,000 At December 31 2015 2014 .. Accounes receivable .. $5,600 $5800 D Inventory...1,980 ,540 Accounts payable Salaries payable . … Utilities payable .. Prepaid insurance. Prepaid rent.. Depreciation expense Rent expense. Interest expense .. 9,000 3.800 3,600 2,800 $ 6000 2 4,400 4,600 880 700 Insurancoe 220 160 260 280 220 80 Utilities expense Net income
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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