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 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance. Prepaid rent $ 121,200 LANSING COMPANY Selected Balance Sheet Accounts 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 Cash flows from operating activities Current Year $ 6,400 2,780 5,200 1,040 380 340 380 Prior Year $ 7,400 1,940 6,200 Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. 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 31 780 240 440 260

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 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance. Prepaid rent $ 121,200 LANSING COMPANY Selected Balance Sheet Accounts 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 Cash flows from operating activities Current Year $ 6,400 2,780 5,200 1,040 380 340 380 Prior Year $ 7,400 1,940 6,200 Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. 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 31 780 240 440 260

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Description: Required information[The following information applies to the questionsdisplayed below.]Lansing Company's current-year income statement andselected balance sheet data at December 31 of the currentand prior years follow.LANSING COMPANYIncome Statemen

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.1E

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Required information Use the following information for the Problems below. (Algo) [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 $ 124,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 51,000 16,500 27,000 9,900 4,700 4,500 3,700 $ 6,900 LANSING COMPANY Selected Balance Sheet Accounts Current Year $ 6,500 2,880 5,300 1,060 400 350 400 Prior Year $ 7,600 1,990 6,400 790 250 460 270
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 At December 31 $ 115,200 LANSING COMPANY Selected Balance Sheet Accounts Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 48,000 15,000 24,000 9,600 4,400 4,200 3,400 $ 6,600 Current Year $ 6,200 2,580 5,000 1,000 340 320 340 Prior Year $ 7,000 1,840 5,800 760 220 400 240
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