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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
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 $115,200 Expenses Cost of goods sold 48,080 Depreciation expense 15, eee Salaries expense 24, eee Rent expense 9,600 Insurance expense 4,480 Interest expense 4,200 Utilities expense 3,400 Net income $ 6,680 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $ 6, 2ee Inventory 2,580 Accounts payable 5, eee Salaries payable 1, eee Utilities payable 340 Prepaid insurance 320 Prepaid rent 340 Prior Year $ 7,eee 1,840 5,8ee 760 220 480 240 Required: Prepare the operating activities section of the statement of cash flows using the Indirect method for the current year. (Amounts to be deducted should be indicated with a minus slgn.) LANSING COMPANY Cash Flows from Operating ActivitiesIndirect Method For Current Year Ended December 31 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operations: 0 S 0
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