Lake Company's 2016 income statement and selected balance sheet data (for current assets and current liabilities) at
Question:
LAKE COMPANY
Income Statement
For Year Ended December 31, 2016
Sales revenue . . . . . . . . . . . . . . . . . . $156,000
Expenses.............................................
Cost of goods sold . . . . . . . . . . . . . . . 72,000
Depreciation expense . . . . . . . . . . . . . 32,000
Salaries expense . . . . . . . . . . . . . . . . . 20,000
Rent expense . . . . . . . . . . . . . . . . . . . . 5,000
Insurance expense . . . . . . . . . . . . . . . . 2,600
Interest expense . . . . . . . . . . . . . . . . . 2,400
Utilities expense . . . . . . . . . . . . . . . . . 2,000
Net income . . . . . . . . . . . . . . . . . . . $ 20,000
LAKE COMPANY
Selected Balance Sheet Accounts
At December 31 ____________2016 _______________2015
Accounts receivable . . . . . . . . . $3,600 ................... $3,000
Inventory . . . . . . . . . . . . . . . . . . 860 ......................... 980
Accounts payable . . . . . . . . . . . 2,400 ...................... 2,600
Salaries payable . . . . . . . . . . . . . 900 ........................ 600
Utilities payable . . . . . . . . . . . . . 200 ........................... 0
Prepaid insurance . . . . . . . . . . . 140 .......................... 180
Prepaid rent . . . . . . . . . . . . . . . 100 .......................... 200
Required
Prepare the cash flows from operating activities section only of the company's 2016 statement of cash flows using the indirect method?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259533006
8th edition
Authors: John J. Wild
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