Question
In: Accounting
Use the following information for the Problems below. Lansing Company’s 2017 income statement and selected balance...
Use the following information for the Problems below.
Lansing Company’s 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 | $ | 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 | 2017 | 2016 | ||||
| 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 | ||||
Problem 16-1A Indirect: Computing cash flows from operations LO P2
Required:
Prepare the cash flows from operating activities section only of
the company’s 2017 statement of cash flows using the indirect
method. (Amounts to be deducted should be indicated
with a minus sign.)
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Solutions
Expert Solution
LANSING COMPANY
Cash Flows from Operating Activities For Year Ended December 31, 2017
(Indirect Method)
Cash flows from operating activities:
Net income $ 7,700
Adjustments ;
Depreciation expense $ 20,500
Decrease in Accounts receivable $ 1,900
Increase in Inventory ($ 1290)
Decrease in Accounts payable ($ 1900)
Increase in Salaries payable $ 350
Increase in Utilities payable $ 230
Decrease in Prepaid insurance $ 190
Increase in Prepaid rent ($ 210) $ 19,770
Net cash provided by operating activities $ 27,470
ekkarill92 answered 1 year agoRelated Solutions
Lansing Company’s 2017 income statement and selected balance sheet data (for current assets and current liabilities)...
Lansing Company’s 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 $ 124,200 Expenses Cost
of goods sold 51,000 Depreciation expense 16,500 Salaries expense
27,000 Rent expense 9,900 Insurance expense 4,700 Interest expense
4,500 Utilities expense 3,700 Net income $ 6,900 LANSING COMPANY
Selected Balance Sheet Accounts At December 31 2017 2016 Accounts
receivable $ 6,500...
Lansing Company’s 2017 income statement and selected balance sheet data (for current assets and current liabilities)...
Lansing Company’s 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...
Lansing Company’s 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow.
Lansing Company’s 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow.
LANSING COMPANYIncome StatementFor Year Ended December 31, 2017
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 COMPANYSelected Balance Sheet Accounts
At...
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...
Lansing Company’s 2016 income statement and selected balance sheet data (for current assets and current liabilities)...
Lansing Company’s 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
$...
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 $ 115,200 Expenses Cost of goods sold
48,000 Depreciation expense 15,000 Salaries expense 24,000 Rent
expense 9,600 Insurance expense 4,400 Interest expense 4,200
Utilities expense 3,400 Net income $ 6,600 LANSING COMPANY Selected
Balance Sheet Accounts At December 31 Current Year Prior Year
Accounts receivable $ 6,200 $...
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
$
100,200
Expenses
Cost of goods sold
43,000
Depreciation expense
12,500
Salaries expense
19,000
Rent expense
9,100
Insurance expense
3,900
Interest expense
3,700
Utilities expense
2,900
Net income
$
6,100
LANSING COMPANY
Selected Balance Sheet Accounts
At December 31
Current Year
Prior Year
Accounts receivable
$
5,700...
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
$
157,200
Expenses
Cost of goods sold
62,000
Depreciation expense
22,000
Salaries expense
38,000
Rent expense
11,000
Insurance expense
5,800
Interest expense
5,600
Utilities expense
4,800
Net income
$
8,000
LANSING COMPANY
Selected Balance Sheet Accounts
At December 31
Current Year
Prior Year
Accounts receivable
$
7,600...
Below is selected balance sheet and income statement information from O'Reilly (in millions) 2019 2017 Cash...
Below is selected balance sheet and income statement
information from O'Reilly
(in millions)
2019
2017
Cash
$ 1,600.00
$ 1,500.00
Accounts receivable
1,197.16
835.30
Current assets
4,013.56
3,018.33
Current liabilities
3,485.39
6,257.95
Long-term debt
17,620.81
3,611.63
Short-term debt
1,133.96
4,668.83
Total liabilities
23,318.42
26,463.17
Interest expense
1,666.90
1,438.29
Capital expenditures
1,645.48
1,211.50
Equity
4,600.00
-7,200.00
Cash from operations
610.89
685.98
Earnings before interest and taxes
1,594.84
2,002.84
Compute the following liquidity, solvency and coverage ratios
for both years.
(Round each...
Use the following information for the remaining problems. First, construct an income statement and two balance...
Use the following information for the remaining problems.
First, construct an income statement and two balance sheets.
Enter all answers as whole dollar numbers with no $ or commas (e.g.
20000). 2015 Sales = $60,000 2015 COGS = $25,000 2015 SG&A
Expense = $10,000 2015 Depreciation Expense = $5,000 2015 Interest
Expense = $3,000 Average Tax Rate = 30% Dividend Payout Ratio = 55%
2015 Current Assets = $24,000 and 2016 Current Assets = $27,000
2015 Net Working Capital =...
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