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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