Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. income statement for year ended december 31, 2018

Income Statement For Year Ended December 31, 2018 Sales revenue $97,200 Expenses   Cost of goods sold 42,000 Depreciation expense 12,000 Salaries...

50.1K

Verified Solution

Question

Accounting

Income Statement
For Year Ended December 31, 2018

Sales revenue $97,200

Expenses  

Cost of goods sold 42,000

Depreciation expense 12,000

Salaries expense 18,000

Rent expense 9,000

Insurance expense 3,800

Interest expense 3,600

Utilities expense 2,800

Net income $6,000

LANSING COMPANY
Selected Balance Sheet Accounts
At December 3120182017
Accounts receivable$5,600$5,800
Inventory1,9801,540
Accounts payable4,4004,600
Salaries payable880700
Utilities payable220160
Prepaid insurance260280
Prepaid rent220180

Prepare the cash flows from operating activities section only ofthe company’s 2018 statement of cash flows using thedirect method.

Answer & Explanation Solved by verified expert
3.9 Ratings (359 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

An athlete experiences a FOOSH mechanism and has radial side wrist pain. You suspect a scaphoid...

Advance Math
1.2K views

A patient is ordered to receive sodium supplementation by intravenous infusion of a sodium phosphate dibasic...

General Management
1.2K views

1) Consider the network corresponding to the following information. Activity Immediate Predecessor(s) Time (Weeks) A --- 3 B --- 4 C A 6 D B 9 E B 6 F C, D 6 G D, E 8 H G, F 9 Draw the network corresponding to...

Biology
1.2K views

Match the definition to the correct word blocking access to resources or privileges British air...

Physics
1.2K views

ind the magnitude and direction of the electric field 0 15 m from a 1...

Basic Math
1.2K views

POINT POINTS THE STANI 5 FOR THE DATA 63 A MEAN B MEDIAN 76 88...

Algebra
1.2K views

Decide which property of equality you will use to solve each equation a b c...

Algebra
1.2K views

th Question 1 of 7 What property of the whole numbers justifies each step in...

Accounting
1.2K views

Citi Bank lends Sierra Nevada Company $200,000 on October 1. Sierra Nevada Company signs a...

Accounting
1.2K views

The account Discount on Notes Payable: Question 36 options: is a contingent liability account. is...

Finance
1.2K views

Entities Financial year and StandardsIndependent auditor 1 Malayan Banking Berhad 2. Bank Rakyat 31 December...

Finance
1.2K views

3. Today Silver is being traded at $27.29/ounce. You buy a future contract that delivers...