Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help solve numbers (The following information applies to the questions displayed below) Lansing Company's current-year income statement and selected balance sheet data at December

please help solve numbers
image text in transcribed
image text in transcribed
(The following information applies to the questions displayed below) 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 55,000 Depreciation expense 18,500 Salaries expense 31,000 Rent expense 10,300 Insurance expense 5,100 Interest expense 4,900 Utilities expense 4,100 Net income $ 7,300 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 6,900 $ 8,400 Inventory 3,280 2,190 Accounts payable 5,700 7,200 Salaries payable 1,140 830 Utilities payable 480 290 Prepaid insurance 390 540 Prepaid rent 480 310 Required: 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 Activities-- Direct Mothod For Current Year Ended December 31 Cash flows from operating activities Cash receipts from customers $ 135,110 Cash payments to suppliers Cash payments for salaries Cash payments for utilities Cash payments for rent Cash payments for interest Cash payments for interest Net cash provided by operating activities $ 135,110

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing The Art And Science Of Assurance Engagements

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan, Joanne C. Jones

15th Canadian Edition

0136692087, 9780136692089

More Books

Students also viewed these Accounting questions