Required information Use the following information for the Problems below. Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabities) at December 31, 2016 and 2017, follow. LANSING COMP Income Statement For Year Ended December 31, 2017 Sales revenue Expenses 97,200 Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 42,000 12,000 18,000 9,000 3,800 3,600 2,800 $6,000 Net income LANSING COMPANY Selected Balance Sheet Accounts At December 31|||| Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 2017 2016 $5,600 $5,800 1,980 1,540 4,4004,600 700 880160 220 260 220 280 180 Problem 16-1A Indirect: Computing cash flows from operations LO P2 Problem 16-1A Indirect: Computing cash flows from operations LO P2 Required Prepare the cash flows from operating activities section only of the company's 2017 statement of cash flows using the Iindirect method (Amounts to be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Year Ended December 31, 2017 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operations: Prepaid rent 220 180 Problem 16-1A Indirect: Computing cash flows from c Required: Prepare the cash flows from operating activities section only of the c (Amounts to be deducted should be indicated with a minus sign) LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Year Ended December 31, 2017 Cash flows from operating activities: s. rovided by operations: Net income Net loss 0 10 Problem 16-1A Indirect: Computing cash flows fror Required: Prepare the cash flows from operating activities section only of t (Amounts to be deducted should be indicated with a minus sig LANSING COMPANY Cash Flows from Operating Activitiesndirect Method For Year Ended December 31, 2017 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operations: Accounts payable decrease Accounts payable increase Accounts receivable decrease Accounts receivable increase Depreciation expense Graw Hil Prev Problem 16-1A Indirect: Computing cash flo Required: Prepare the cash flows from operating activities section (Amounts to be deducted should be indicated with a m LANSING COMPANY Cash Flows from Operating Activities-Indirect Met For Year Ended December 31, 2017 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operatic Inventory decrease Inventory increase Notes payable long-term decrease Notes payable long-term increase Prepaid insurance decrease LANSING COMPANY Cash Flows from Operating Activities For Year Ended December 3 ash flows from operating activities: Adjustments to reconcile net income to net cash provid Prepaid insurance decrease Prepaid insurance increase Prepaid rent decrease Prepaid rent increase Salaries payable decrease Salaries navable increase Prepaid rent 220 180 Problem 16-1A Indirect: Computing cash flows from Required: Prepare the cash flows from operating activities section only of the (Amounts to be deducted should be indicated with a minus sign. LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Year Ended December 31, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Prepaid rent increase Salaries payable decrease Salaries payable increase Utilities payable decrease Utilities payable increase
