Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current...

 

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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 $ 154,200 61,000 21,500 37,000 10,900 5,700 5,500 4,700 $ 7,900 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent Current Year Prior Year $ 9,600 2,490 $ 7,500 3,880 6,300 8,400 1,260 890 600 350 450 660 600 370 Problem 16-1A (Algo) Indirect: Computing cash flows from operations LO P2 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: For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities 69 $ 0 0 Problem 16-2AB (Algo) Direct: Computing cash flows from operations LO P5 Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. LANSING COMPANY Cash Flows from Operating Activities-Direct Method For Current Year Ended December 31 Cash flows from operating activities GA 0 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 $ 154,200 61,000 21,500 37,000 10,900 5,700 5,500 4,700 $ 7,900 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent Current Year Prior Year $ 9,600 2,490 $ 7,500 3,880 6,300 8,400 1,260 890 600 350 450 660 600 370 Problem 16-1A (Algo) Indirect: Computing cash flows from operations LO P2 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: For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities 69 $ 0 0 Problem 16-2AB (Algo) Direct: Computing cash flows from operations LO P5 Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. LANSING COMPANY Cash Flows from Operating Activities-Direct Method For Current Year Ended December 31 Cash flows from operating activities GA 0

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LANSING COMPANY Cash Flow from Operating Activities Indirect Method For the Current Year ended December 31 Cash Flows from Operating Activities Net In... View the full answer