! Required information [The following information applies to the questions displayed below.] Lansing Company's current-year income...

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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. For Current Year Ended December 31 Sales revenue $154,200 Expenses LANSING COMPANY Income Statement. Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income 61,000 21,500 37,000 10,900 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable. Prepaid insurance Prepaid rent 5,700 5,500 4,700 $ 7,900 LANSING COMPANY Selected Balance Sheet Accounts Current Year $7,500 3,880 6,300 1,260 600 450 600 Prior Year $9,600 2,490 8,400 890 350 660 370 Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (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: Adjustments to reconcile net income to net cash provided by operations: $ 0 0 ! 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. For Current Year Ended December 31 Sales revenue $154,200 Expenses LANSING COMPANY Income Statement. Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income 61,000 21,500 37,000 10,900 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable. Prepaid insurance Prepaid rent 5,700 5,500 4,700 $ 7,900 LANSING COMPANY Selected Balance Sheet Accounts Current Year $7,500 3,880 6,300 1,260 600 450 600 Prior Year $9,600 2,490 8,400 890 350 660 370 Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (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: Adjustments to reconcile net income to net cash provided by operations: $ 0 0

Answer rating: 100% (QA)

Answer Cash Flow Statement Indirect Method Cash flow f... View the full answer