In: Accounting
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 |
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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