Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current a 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 $ 139,200 56,000 19,000 32,000 10,400 5,200 Interest expense Utilities expense Net income 5,000 4,200 $7,400 LANSING COMPANY Selected Balance Sheet Accounts Current Year At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent Prior Year $ 7,000 3,380 $ 8,600 2,240 5,800 7,400 1,160 840 500 300 400 560 500 320 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 $ 139,200 56,000 19,000 32,000 10,400 5,200 5,000 4,200 $ 7,400 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Current Year $7,000 Prior Year $8,600 Inventory 3,300 2,240 Accounts payable 5,000 7,400 Salaries payable 1,100 840 Utilities payable 500 300 Prepaid Insurance 409 560 Prepaid rent 320 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 Cash flows from operating activities Net income For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations Income statement items not affecting cash Increase in salaries payable Changes in current assets and current liabilities 7.400 $ 2400 Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current a 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 $ 139,200 56,000 19,000 32,000 10,400 5,200 Interest expense Utilities expense Net income 5,000 4,200 $7,400 LANSING COMPANY Selected Balance Sheet Accounts Current Year At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent Prior Year $ 7,000 3,380 $ 8,600 2,240 5,800 7,400 1,160 840 500 300 400 560 500 320 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 $ 139,200 56,000 19,000 32,000 10,400 5,200 5,000 4,200 $ 7,400 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Current Year $7,000 Prior Year $8,600 Inventory 3,300 2,240 Accounts payable 5,000 7,400 Salaries payable 1,100 840 Utilities payable 500 300 Prepaid Insurance 409 560 Prepaid rent 320 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 Cash flows from operating activities Net income For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations Income statement items not affecting cash Increase in salaries payable Changes in current assets and current liabilities 7.400 $ 2400
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Some will argue that KPMG inappropriately subordinated its judgments to Xerox preferences. How could accounting firms ensure that auditors do not subordinate their judgments to client preferences on...
-
Compare the structure and independence of the Federal Reserve System and the European System of Central Banks.
-
Identify the characteristics of useful information.
-
Refer to the data given for the Artic Company in Problem P12-1A. Required a. Calculate the change in cash that occurred during 2019. b. Prepare a statement of cash flows using the direct method. c....
-
Record the following transactions of the General Fund of Kinlaw County in its General Ledger. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. 1. Payroll was approved and...
-
Compute contribution margin for divisions I and II (Enter negative amounts use in either a negative sign proceeding the number e.g. -45 or parentheses e.g. (45)
-
James Limited is a subsidiary of Anastasia Limited. When Anastasia acquired its 75% interest in James, the share capital of James was $10 000. At the beginning of the current period James Limiteds...
-
True or False. The coordinate transformation of element matrices is required for all systems.
-
The Minangkabau, a rice-growing society in West Sumatra, Indonesia, is one of the few matrilineal Islamic societies in South Asia. In Minangkabau villages, kinship relations and families are...
-
True or False. The lumped-mass matrices are always diagonal.
-
What are some important connections between kinship and transmigration? Kinship relations are an important factor in the migration of people across state borders-a significant dimension of...
-
How is the distributed load converted into an equivalent joint force vector in the finite element method?
-
Consider that you/your group works for a large Oil & Gas company in the Houston metropolitan area and you have been tasked with increasing workplace productivity. In the Improve phase of your Lean...
-
a) Show that (a, b) := {{a}, {b}} does not satisfy the ordered pair axiom. b) Determine whether each of the following statements is true or false. (Give a reason in each case): (i) {a, b} C (a, b)....
-
Match threats in the first column to appropriate control procedures in the second column. Threat 1. Failing to take available purchase discounts 2. Receiving unordered goods 3. Recording and posting...
-
a. Create a spreadsheet to reconcile bank statements. Organize it as follows: i. Ending balance, per bank statement ii. Deposits not included in bank statement (provide space for up to 7) iii. Checks...
-
Logan Corporation loans money to start-up businesses that cant obtain traditional bank loans. The company loans the business money in exchange for a single future payment. Logan Company wants to make...
Study smarter with the SolutionInn App