Required information Use the following information for the Problems below. (Algo) Skip to question ...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Required information
Use the following information for the Problems below. (Algo)
Skip to question
[The following information applies to the questions displayed below.] Lansing Companys 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 | $ 142,200 | ||||
|---|---|---|---|---|---|
| Expenses | |||||
| Cost of goods sold | 57,000 | ||||
| Depreciation expense | 19,500 | ||||
| Salaries expense | 33,000 | ||||
| Rent expense | 10,500 | ||||
| Insurance expense | 5,300 | ||||
| Interest expense | 5,100 | ||||
| Utilities expense | 4,300 | ||||
| Net income | $ 7,500 | ||||
| LANSING COMPANY | ||
| Selected Balance Sheet Accounts | ||
| At December 31 | Current Year | Prior Year |
|---|---|---|
| Accounts receivable | $ 7,100 | $ 8,800 |
| Inventory | 3,480 | 2,290 |
| Accounts payable | 5,900 | 7,600 |
| Salaries payable | 1,180 | 850 |
| Utilities payable | 520 | 310 |
| Prepaid insurance | 410 | 580 |
| Prepaid rent | 520 | 330 |
Problem 12-2AB (Algo) 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.)
Please answer this for the direct method. Thank you!
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.