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wow metro appres to the questions displayed below.) Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and
wow metro appres 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 $145,200 Expenses Cost of goods sold 58,000 Depreciation expense 20,000 Salaries expense 34,000 Rent expense 10,600 Insurance expense 5,40e Interest expense 5,200 Utilities expense 4,400 Net income $ 7,600 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $7,200 Inventory 3,580 Accounts payable 6,800 Salaries payable 1,200 Utilities payable 540 Prepaid insurance 420 Prepaid rent 540 Prior Year $9,000 2,340 7,800 860 320 600 340 Problem 12-1A 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.) LANSING COMPANY Cash Flows from Operating Activities--Indirect 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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