Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information (The following information applies to the questions displayed below.) Lansing Company's 2018 income statement and selected balance sheet data (for current assets and

image text in transcribed
image text in transcribed
Required information (The following information applies to the questions displayed below.) Lansing Company's 2018 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2017 and 2018, follow. LANSING COMPANY Income Statement For Year Ended December 31, 2018 Sales revenue $124, 200 Expenses Cost of goods sold 51,000 Depreciation expense 16,500 Salaries expense 27,000 Rent expense 9,900 Insurance expense 4,700 Interest expense 4,500 Utilities expense 3,700 Net income $ 6,900 LANSING COMPANY Selected Balance Sheet Accounts At December 31 2018 2017 Accounts receivable $6,500 $7,600 Inventory 2,880 1,990 Accounts payable 5,300 6,400 Salaries payable 1,060 790 Utilities payable 400 250 Prepaid insurance 350 460 Prepaid rent 400 270 Required: Prepare the cash flows from operating activities section only of the company's 2018 statement of cash flows using the direct method (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. LANSING COMPANY Cash Flows from Operating Activities-Direct Method For Year Ended December 31, 2018 Cash flows from operating activities Cash receipts from customers $ 125,260 Cash payments to suppliers Cash payments for interest Cash payments for utilities Cash payments for rent Cash payments for insurance $ 125,260 Net cash provided by operating activities

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_2

Step: 3

blur-text-image_3

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

Audit Analytics Data Science For The Accounting Profession

Authors: J. Christopher Westland

1st Edition

3030490904, 9783030490904

More Books

Students also viewed these Accounting questions

Question

Revenue at 4 0 0 0 units ? refer image

Answered: 1 week ago