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Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current...

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 $ 148,200
Expenses
Cost of goods sold 59,000
Depreciation expense 20,500
Salaries expense 35,000
Rent expense 10,700
Insurance expense 5,500
Interest expense 5,300
Utilities expense 4,500
Net income $ 7,700

  

LANSING COMPANY
Selected Balance Sheet Accounts
At December 31 Current Year Prior Year
Accounts receivable $ 7,300 $ 9,200
Inventory 3,680 2,390
Accounts payable 6,100 8,000
Salaries payable 1,220 870
Utilities payable 560 330
Prepaid insurance 430 620
Prepaid rent 560 350

Prepare the operating activities section of the statement of cash flows using the direct method for the current year

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ekkarill92 answered 3 years ago
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