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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 $109,200 Expenses Cost of goods sold 46,000 Depreciation expense 14,000 Salaries expense 22,000 Rent expense 9,400 Insurance expense 4,200 Interest expense 4,000 Utilities expense 3,200 Net income $ 6,400 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6,000 Inventory 2,380 Accounts payable 4,800 Salaries payable 960 Utilities payable 300 Prepaid insurance 300 Prepaid rent 300 Prior Year $6,600 1,740 5,400 740 200 360 220 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 sign.) LANSING COMPANY Cash Flows from Operating ActivitiesIndirect Method For Current Year Ended December 31 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operations: 0 $ 0 Prepare the operating activities section of the statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating ActivitiesDirect Method For Current Year Ended December 31 Cash flows from operating activities $ 0
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