Refer to the information in Problem 12-7A.
Problem 12-7

LANSING COMPANY
Income Statement
For Year Ended December 31, 2013
Sales revenue . . . . . . . . . . . . . . . . . . $97,200
Expenses
Cost of goods sold . . . . ....... . . . . . . 42,000
Depreciation expense . . . . . . ...... . . 12,000
Salaries expense . . . ....... . . . . . . . . . 18,000
Rent expense . . . . . . . ......... . . . . . . . 9,000
Insurance expense . . . . . ......... . . . . . 3,800
Interest expense . . . . . ........ . . . . . . . 3,600
Utilities expense . . . . . . . ....... . . . . . 2,800
Net income . . . . . . . . . . . . . ... . . . . . $ 6,000
Required
Prepare the cash flows from operating activities section only of the company's 2013 statement of cash flows using the direct method.

Transcribed Image Text:

LANSING COMPANY Selected Balance Sheet Accounts At December 31 2013 2012 $5,600 $5,800 Accounts receivable ..... Inventory .... Accounts payable. 1,980 1,540 4,400 4,600 Salaries payable ... Utilities payable ... Prepaid insurance 880 700 220 160 260 280 Prepaid rent 220 180 ....