Lansing Company s current - year income statement and selected balance sheet data at December 3 1
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Question:
Lansing Companys currentyear income statement and selected balance sheet data at December of the current and prior years follow.
LANSING COMPANY
Income Statement
For Current Year Ended December
Sales revenue $
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 Current Year Prior Year
Accounts receivable $ $
Inventory
Accounts payable
Salaries payable
Utilities payable
Prepaid insurance
Prepaid rent
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.
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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