Lansing Companys 2016 income statement and selected balance sheet data (for current assets and current...
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Accounting
Lansing Companys 2016 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2015 and 2016, follow.
| LANSING COMPANY Income Statement For Year Ended December 31, 2016 | ||||||
| Sales revenue | $ | 63,000 | ||||
| Expenses | ||||||
| Cost of goods sold | 19,000 | |||||
| Depreciation expense | 5,000 | |||||
| Salaries expense | 9,000 | |||||
| Rent expense | 2,000 | |||||
| Insurance expense | 1,900 | |||||
| Interest expense | 1,900 | |||||
| Utilities expense | 1,200 | |||||
| Net income | $ | 23,000 | ||||
| LANSING COMPANY Selected Balance Sheet Accounts | ||||||
| At December 31 | 2016 | 2015 | ||||
| Accounts receivable | $ | 3,800 | $ | 3,940 | ||
| Inventory | 1,050 | 921 | ||||
| Accounts payable | 1,300 | 1,370 | ||||
| Salaries payable | 480 | 380 | ||||
| Utilities payable | 140 | 110 | ||||
| Prepaid insurance | 130 | 140 | ||||
| Prepaid rent | 110 | 80 | ||||
Required:
Prepare the cash flows from operating activities section only of the companys 2016 statement of cash flows using the indirect method.(Amounts to be deducted should be indicated with a minus sign.)
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