Refer to the information in Problem 16-1A. Required Prepare the operating activities section of the statement of
Question:
Refer to the information in Problem 16-1A.
Required
Prepare the operating activities section of the statement of cash flows using the direct method for the current year.
Data From Problem 16-1A
Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow.
Required
Prepare the operating activities section of the statement of cash flows using the indirect method for the current year.
Transcribed Image Text:
LANSING COMPANY Income Statement For Current Year Ended December 31 LANSING COMPANY Sales revenue . $97,200 Selected Balance Sheet Accounts Expenses Cost of goods sold .. Depreciation expense. Salaries expense.. At December 31 Current Year Prior Year 42,000 12,000 Accounts receivable.... $5,600 $5,800 Inventory..... 1,980 1,540 18,000 Rent expense 9,000 Accounts payable .. Salaries payable .. Utilities payable 4,400 4,600 880 700 Insurance expense 3,800 220 160 Interest expense. 3,600 Prepaid insurance. 260 Utilities expense. 2,800 280 Prepaid rent 220 Net income $ 6,000 180 ...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
ANSWER Solution Operating Activities Cash received from customers 97200 5800 1540 9294...View the full answer
Answered By
Ma Kristhia Mae Fuerte
I have extensive tutoring experience, having worked as a private tutor for over three years. I have tutored students from different academic levels, including high school, undergraduate, and graduate levels. My tutoring experience has taught me to be patient, attentive to student needs, and effective in communicating difficult concepts in simple terms.
I have a strong background in statistics, probability theory, data analysis, and data visualization. I am proficient in using statistical software such as R, Python, and SPSS, which are commonly used in academic research and data analysis. Additionally, I have excellent communication and interpersonal skills, which enable me to establish rapport with students, understand their learning styles, and adapt my teaching approach to meet their needs.
I am passionate about teaching and helping students achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The operating activities section of the statement of cash flows for PepsiCo, Inc., owner of the Pepsi beverage brand, is shown as follows: a. Why are impairment and restructuring charges added to the...
-
The Investing Activities section of the statement of cash flows of Archer Daniels Midland Company (ADM), seller of agricultural commodities and products, follows. Based on the information given,...
-
Refer to the information in Problem 18-35. Suppose Rounder determines standard costs of $246 per (equivalent) unit for direct materials and $96 per (equivalent) unit for conversion costs for both...
-
A Styrofoam slab has thickness h and density ps. When a swimmer of mass m is resting on it, the slab floats in fresh water with its top at the same level as the water surface. Find the area of the...
-
A large storage tank contains saturated liquid nitrogen at ambient pressure, 100 kPa; it is to be pumped to 500 kPa and fed to a pipeline at the rate of 0.5 kg/s. How much power input is required for...
-
More people are using social media to network, rather than phone calls or e-mails (US News & World Report, October 20, 2010). From an employment perspective, jobseekers are no longer calling up...
-
Given the probabilities of expected states of the economy shown here, and the expected returns to stocks A and B in those states, what is the standard deviation of a portfolio with weights of 40...
-
Princess Company acquired a 90% interest in Sundown Company on January 1, 2011, for $675,000. Any excess of cost over book value was due to goodwill. Capital balances of Sundown Company on January 1,...
-
52 Global Anthropogenic Greenhouse Gas Emissions 50 50 48 Gigatons CO2 equivalent 38 42 40 44 46 46 36 34 32 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Year Data from:...
-
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock. Feb. 1 Paid rent for office...
-
Key figures for Apple and Google follow. Required 1. Compute the recent two years cash flow on total assets ratios for Apple and Google. 2. For the current year, which company has the better cash...
-
At December 31, the end of Chilton Communications third quarter, the following stockholders equity accounts are reported. In the fourth quarter, the following entries related to its equity are...
-
Find the \(z\)-transform of \(x[n]=u[n]-u[n-5]\).
-
On 1 January 2 0 2 1 , Alpha Co , paid 9 0 , 0 0 0 for a controlling interest of 8 0 % in Beta Co's equity when the retained earnings of Beta Co were 2 5 , 0 0 0 . The summarised statement of...
-
Vanderbilt Corporation, which utilizes a calendar year as its fiscal year, is the payee on a $12,000, 7%, 8-month note receivable from Stanford Company on October 1, 2020. Given this situation, what...
-
Lease or Sell Ferrigno Company owns equipment with a cost of $362,800 and accumulated depreciation of $54,000 that can be sold for $275,300, less a 5% sales commission. Alternatively, Ferrigno...
-
What are the mechanisms driving phenotypic convergence among unrelated taxa, and how does this convergence inform our understanding of adaptive evolution and niche specialization ?
-
What are explanatory paragraphs in the audit report? Let\'s start with emphasis of a matter. What are some examples of where this would be used? How does it change the report?
-
Crispy Fried Chicken bought equipment on January 2, 2018, for $33,000. The equipment was expected to remain in service for four years and to operate for 6,750 hours. At the end of the equipment's...
-
A test car is driven a fixed distance of n miles along a straight highway. (Here n Z+.) The car travels at one mile per hour for the first mile, two miles per hour for the second mile, four miles...
-
You hire a new assistant production manager whose prior experience is with a company that produced goods to order. Your company engages in continuous production of homogeneous products that go...
-
Many companies acquire software to help them monitor and control their costs and as an aid to their accounting systems. One company that supplies such software is proDacapo (prodacapo.com). There are...
-
Many companies acquire software to help them monitor and control their costs and as an aid to their accounting systems. One company that supplies such software is proDacapo (prodacapo.com). There are...
-
Algunas acciones a desarrollar en las entregas certificadas son: Puede seleccionar ms de una opcin. Grupo de opciones de respuesta Reducir manipulacin excesiva Despacho Transporte Comunicaciones de...
-
PRACTICE EXERCISE 161. Record the following payment transactions for Letzelter Co. of Saint John,NB, during the month of November. Set up a Cash Payments Journal(page CP6) with these headings: Date,...
-
The CECL model:Multiple ChoiceConsiders historical experience but not forecasts of the future.Recognizes bad debts when it is probable that an economic sacrifice has occurred.Allows a company to use...
Study smarter with the SolutionInn App