Use the following information for the Problems below. [The following information applies to...
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Accounting
Use the following information for the Problems below.
[The following information applies to the questions displayed below.] Lansing Companys 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow.
LANSING COMPANY Income Statement For Year Ended December 31, 2017
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 31
2017
2016
Accounts receivable
$
5,600
$
5,800
Inventory
1,980
1,540
Accounts payable
4,400
4,600
Salaries payable
880
700
Utilities payable
220
160
Prepaid insurance
260
280
Prepaid rent
220
180
Problem 12-2AB Direct: Computing cash flows from operations LO P5
Required: Prepare the cash flows from operating activities section only of the companys 2017 statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.)
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