Required information [The following information applies to the questions displayed below.] Lansing Company's current-year income...
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Required information [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 $154,200 Expenses Cost of goods sold 61,000 Depreciation expense 21,500 Salaries expense 37,000 Rent expense 10,900 Insurance expense 5,700 Interest expense 5,500 Utilities expense 4,700 Net income $ 7,900 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $ 7,500 Inventory 3,880 Accounts payable 6,300 Salaries payable 1,260 Utilities payable 600 Prepaid insurance 450 Prepaid rent 600 Prior Year $9,600 2,490 8,400 890 350 660 370 Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating ActivitiesIndirect Method For Current Year Ended December 31 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operations
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