Refer to the information in Problem 16-1A. Required Prepare the cash flows from operating activities section only
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Refer to the information in Problem 16-1A.
Required
Prepare the cash flows from operating activities section only of the company's 2017 statement of cash flows using the direct method.
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LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 2017 2016 $5,600 $5,800 1,980 1,540 4,400 4,600 700 220 160 280 220 180 880 260 LANSING COMPANY Income Statement For Year Ended December 31, 2017 Sales revenue $97,200 Expenses Cost of goods sold Depreciation expense Salaries expense. Rent expense Insurance expense Interest expense. Utilities expense 42,000 12,000 18,000 9,000 3,800 3,600 2,800 $6,000 Net income
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Related Book For
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
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