10 10 points eBook Print Required information Use the following information for the Problems below. (Algo)...

Transcribed Image Text:

10 10 points eBook Print 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 31. Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense References Net income $ 154,200 61,000 21,500 37,000 10,900 5,700 5,500 4,700 $ 7,900 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year. Accounts receivable. $7,500 $9,600 Inventory 3,880 2,490 Accounts payable 6,300 8,400 Salaries payable 1,260 890 Utilities payable 600 350 Prepaid insurance 450 660 Prepaid rent 600 370 Problem 12-1A (Algo) Indirect: Computing cash flows from operations LO P2 10 10 10 points Required: 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. LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 Cash flows from operating activities: eBook Print References Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities $ 10 10 points eBook Print 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 31. Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense References Net income $ 154,200 61,000 21,500 37,000 10,900 5,700 5,500 4,700 $ 7,900 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year. Accounts receivable. $7,500 $9,600 Inventory 3,880 2,490 Accounts payable 6,300 8,400 Salaries payable 1,260 890 Utilities payable 600 350 Prepaid insurance 450 660 Prepaid rent 600 370 Problem 12-1A (Algo) Indirect: Computing cash flows from operations LO P2 10 10 10 points Required: 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. LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 Cash flows from operating activities: eBook Print References Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities $