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Required information (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
Required information (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 $100, 200 Expenses Cost of goods sold 43,000 Depreciation expense 12,500 Salaries expense 19,000 Rent expense 9,100 Insurance expense 3,900 Interest expense 3,700 Utilities expense 2,900 Net income $ 6,100 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $5,700 Inventory 2,080 Accounts payable 4,500 Salaries payable 900 Utilities payable 240 Prepaid insurance 270 Prepaid rent 240 Prior Year $6,000 1,590 4,800 710 170 300 190 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 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
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