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Lansing Companys 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 Companys 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 | $ | 157,200 | |||||
Expenses | |||||||
Cost of goods sold | 62,000 | ||||||
Depreciation expense | 22,000 | ||||||
Salaries expense | 38,000 | ||||||
Rent expense | 11,000 | ||||||
Insurance expense | 5,800 | ||||||
Interest expense | 5,600 | ||||||
Utilities expense | 4,800 | ||||||
Net income | $ | 8,000 | |||||
LANSING COMPANY Selected Balance Sheet Accounts | |||||||||
At December 31 | Current Year | Prior Year | |||||||
Accounts receivable | $ | 7,600 | $ | 9,800 | |||||
Inventory | 3,980 | 2,540 | |||||||
Accounts payable | 6,400 | 8,600 | |||||||
Salaries payable | 1,280 | 900 | |||||||
Utilities payable | 620 | 360 | |||||||
Prepaid insurance | 460 | 680 | |||||||
Prepaid rent | 620 | 380 | |||||||
Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be
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