Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I don't know if I did it right but I still can't figure out the supplier amount Saved Help Save& Exit Subm Lansing Company's current-year

image text in transcribed

image text in transcribed

I don't know if I did it right but I still can't figure out the supplier amount

Saved Help Save& Exit Subm 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 $136, 200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 55, 000 18, 500 31,000 10,300 5,100 4,900 4,100 Net income $ 7, 300 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 $8, 400 2,190 $6,900 3, 280 5,700 7,200 1, 140 830 480 290 390 540 480 310 Problem 12-2AB Direct: Computing cash flows from operations LO P5 Required: Next 1 of 4 Prev 12-2AB 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 cur 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 Cash receipts from customers 137,700 Cash payments to suppliers Cash payments for salaries 31,310 Cash payments for rent (10,470) Cash payments for insurance (4,950) Cash payments for utilities (3,910) Cash payments for interest (4,900) Net cash used by operating activities $ 144,780

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 2

Authors: Thomas Beechy, Joan Conrod, Elizabeth Farrell, Ingrid McLeod-Dick

7th Edition

1259108023, 9781259108020

More Books

Students also viewed these Accounting questions

Question

How did World War II shape Anna Freuds research and thought?

Answered: 1 week ago

Question

Why is executive onboarding for external hires so difficult?

Answered: 1 week ago

Question

1. What is perception?

Answered: 1 week ago