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Lansing Companys 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow. Requlred Informatlon
Lansing Companys 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow.
Requlred Informatlon The following information applies to the questions displayed below. Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Year Ended December 31, 2017 Sales revenue Expenses $121,2060 Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 Net income LANSING COMPANY Selected Balance Sheet Accounts 2017 2016 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent $6,400 $7,400 2,780 1,940 5,2006,200 780 240 440 260 1,040 380 340 380 Requirec Prepare the cash flows from operating activities section only of the company's 2017 statement of cash flows using the indirect me (Amounts to be deducted should be Indicated with a minus sign.) NSING COMPANY Cash Flows from Operating Activities-Indirect Methood For Year Ended December 31, 2017 Cash flows from operating activities 6,800 Adjustments to reconcile net income to net cash provided by operations Depreciation expense Depreciation expense Accounts receivable decrease Inventory increase Accounts payable decrease Salaries payable increase Utilities payable increase Prepaid insurance decrease Prepaid rent increase t cash provided by operating activities 6,800Step by Step Solution
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