Required information Use the following information for the Problems below (Algo) Skip to question The following information applies to the questions displayed below 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 $ 142,200 Expenses Cost of goods sold 57,000 Depreciation expense 19,500 Salaries expense 33,000 Rent expense 10,500 Insurance expense 5,300 Interest expense 5,100 Utilities expense 4,300 Net income $ 7,500 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 7,100 $ 8,800 Inventory 3,480 2,290 Accounts payable 5,900 7,600 Salaries payable 1,180 850 Utilities payable 520 310 Prepaid insurance 410 580 Prepaid rent 520 330 Problem 12 1A (Algo) Indirect Computing cash flows from operations LO P2 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 )

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 16, 2024

Required information Use the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Lansing Companys

Required information

Use the following information for the Problems below. (Algo)

Skip to question

[The following information applies to the questions displayed below.] 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	$ 142,200
Expenses
Cost of goods sold	57,000
Depreciation expense	19,500
Salaries expense	33,000
Rent expense	10,500
Insurance expense	5,300
Interest expense	5,100
Utilities expense	4,300
Net income	$ 7,500

LANSING COMPANY
Selected Balance Sheet Accounts
At December 31	Current Year	Prior Year
Accounts receivable	$ 7,100	$ 8,800
Inventory	3,480	2,290
Accounts payable	5,900	7,600
Salaries payable	1,180	850
Utilities payable	520	310
Prepaid insurance	410	580
Prepaid rent	520	330

Problem 12-1A (Algo) Indirect: Computing cash flows from operations LO P2

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.)