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Use the following Information for the Problems below. (The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected balance
Use the following Information for the Problems below. (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 $112,200 Expenses Cost of goods sold 47,eee Depreciation expense 14,500 Salaries expense 23,000 Rent expense 9,500 Insurance expense 4,300 Interest expense 4,100 Utilities expense 3,300 Net income $ 6,500 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $ 6,100 Inventory 2,480 Accounts payable 4,900 Salaries payable 980 Utilities payable 320 Prepaid insurance 310 Prepaid rent 320 Prior Year $ 6,800 1,790 5,600 750 210 380 230 Problem 16-2AB Direct: Computing cash flows from operations LO P5 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 ActivitiesDirect Method For Current Year Ended December 31 Cash flows from operating activities S 0
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