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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
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 $ 144,780Step by Step Solution
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