90.2K

Verified Solution

Link Copied!

help!!

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 $ 106,200 Expenses Cost of goods sold 45,000 Depreciation expense 13.500 Salaries expense 21,000 Rent expense Insurance expense 4,100 Interest expense 3,900 Utilities expense 3,100 Net income 5 6,300 9,300 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 5,900 $ 6,400 Inventory 2,280 1,690 Accounts payable 4,700 5,200 Salaries payable 940 230 Utilities payable 20 100 Prepaid insurance 290 340 Prepaid rent 280 210 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.) of 2 Answer is complete but not entirely correct. LANSING COMPANY Cash Flows from Operating Activities-Direct Method For Current Year Ended December 31 Cash flows from operating activities Cash receipts from customers $ 106,700 Cash payments to suppliers (46.090) Cash payments for salaries (20.700) Cash payments for utilities (3.010) Cash payments for insurance {4.150) 3 Cash payments for rent (9.230) Cash payments for interest (3.000) OOOOOO Net cash provided by operating activities $ 19.530

Answer & Explanation Solved by verified expert

See Answer