Prepare the operating activities section of the statement of cash flows using the DIRECT METHOD for the current year.
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow.
Problem 12-2AB Direct: Computing cash flows from operations LO P5
Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign.)
Homework Answers
Solution:
| Computation of cash received from customers | |
| Particulars | Amount |
| Beginning accounts receivables | $5,800.00 |
| Add: Revenues | $97,200.00 |
| Less: Ending accounts receivables | $5,600.00 |
| Cash received from customers | $97,400.00 |
| Computation of cash paid for inventory | |
| Particulars | Amount |
| Cost of Goods Sold | $42,000.00 |
| Add: Ending inventory | $1,980.00 |
| Less: Beginning inventory | $1,540.00 |
| Purchases made during the year | $42,440.00 |
| Add: Opening accounts payable | $4,600.00 |
| Less: Ending accounts payable | $4,400.00 |
| Cash paid to supplier for inventory | $42,640.00 |
| Computation of cash paid for Salaries | |
| Particulars | Amount |
| Salaries expenses | $18,000.00 |
| Add: Beginning salaries payable | $700.00 |
| Less: Ending Salaries payable | $880.00 |
| Cash paid for Salaries | $17,820.00 |
| Computation of cash paid for utilities | |
| Particulars | Amount |
| Utilities expense | $2,800.00 |
| Add: Beginning utilities Payable | $160.00 |
| Less: Ending utilities payable | $220.00 |
| Cash paid for utilities | $2,740.00 |
| Computation of cash paid for Rent | |
| Particulars | Amount |
| Rent Expense | $9,000.00 |
| Add: Ending prepaid rent | $220.00 |
| Less: Beginning prepaid rent | $180.00 |
| Cash paid for Rent | $9,040.00 |
| Computation of cash paid for Insurance | |
| Particulars | Amount |
| Insurance expense | $3,800.00 |
| Add: Ending prepaid insurance | $260.00 |
| Less: Beginning prepaid insurance | $280.00 |
| Cash paid for Insurance | $3,780.00 |
| Lansing company | ||
| Statement of Cash Flows (Direct Method) (Partial) | ||
| For Year Ended December 31 | ||
| Particulars | Details | Amount |
| Cash Flows from operating activities: | ||
| Cash Inflows: | ||
| Cash received from customers | $97,400.00 | |
| Cash Outflows: | ||
| Cash paid to supplier for inventory | -$42,640.00 | |
| Cash paid for Salaries expenses | -$17,820.00 | |
| Cash paid for Rent expenses | -$9,040.00 | |
| Cash paid for Insurance expenses | -$3,780.00 | |
| Cash paid for Utilities expenses | -$2,740.00 | |
| Cash paid for Interest expenses | -$3,600.00 | |
| Net Cash flow from operating activities | $17,780.00 | |
Add Answer to:
Prepare the operating activities section of the statement of cash flows using the DIRECT METHOD for the current year.
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 $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...
Problem 12-1A Indirect: Computing cash flows from operations LO P2
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. Problem 12-1A Indirect: Computing cash flows from operations LO P2 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'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 $118,200 Expenses Cost of goods sold 49,000 Depreciation expense 15,500 Salaries expense 25,000 Rent expense 9,700 Insurance expense 4,500 Interest expense 4,300 Utilities expense 3,500 Net income $ 6,700 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6,300 Inventory 2,680 Accounts payable 5,100...
Required information Use the following information for the Problems below. (Algo) [The following information applies to...
Required information Use the following information for the Problems below. (Algo) [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 $130,200 Expenses Cost of goods sold 53,000 Depreciation expense 17,500 Salaries expense 29,000 Rent expense 10,100 Insurance expense 4,900 Interest expense 4,700 Utilities expense 3,900 Net income $...
I don't know if I did it right but I still can't figure out the supplier...
I don't know if I did it right but I still can't
figure out the supplier amount
Saved Help Save& Exit Subm 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 $136, 200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 55, 000 18, 500 31,000 10,300 5,100...
Required information [The following information applies to the questions displayed below.] Lansing Company's current-year income statement...
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 $ 151,200 Expenses Cost of goods sold 60,000 Depreciation expense 21,000 Salaries expense 36,000 Rent expense 10,800 Insurance expense 5,600 Interest expense 5,400 Utilities expense 4,600 Net income 7,800 LANSING COMPANY Selected Balance Sheet Accounts At December...
(The following information applies to the questions displayed below.) Lansing Company's current-year income statement and selected...
(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 $106,200 Expenses Cost of goods sold 45,000 Depreciation expense 13,500 Salaries expense 21,000 Rent expense 9,300 Insurance expense 4,100 Interest expense 3,900 Utilities expense 3,100 Net income $ 6,300 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current...
(The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected...
(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 $100, 200 Expenses Cost of goods sold Depreciation expense Salaries expense 43,000 12,500 19,000 Rent expense 9,100 3,900 3,700 2,900 Insurance expense Interest expense Utilities expense Net income 6,100 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Prior...
Required information [The following information applies to the questions displayed below.) Lansing Company's current-year income statement...
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 $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...
Requlred Informatlon Lansing Company's 2017 Income statement and selected balance sheet data (for current assets an...
Requlred Informatlon Lansing Company's 2017 Income statement and selected balance sheet data (for current assets and current liablties) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Ye교r Ended December 31, 2017 gale revenue 100,200 Expenses Cost of goods sold 43,000 Depreciation expense 12,500 Salaries expense 19,000 9,100 Rent expense 3,900 Insurance expense Interest expense 3,700 2,900 Utilities expense 6,100 Net income LANSING COMPANY Belected Balance Sheet Accounts At December 31 2017 2016 $ 5,700 6,000 Account...
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...
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 $118,200 Expenses Cost of goods sold 49,000 Depreciation expense 15,500 Salaries expense 25,000 Rent expense 9,700 Insurance expense 4,500 Interest expense 4,300 Utilities expense 3,500 Net income $ 6,700 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6,300 Inventory 2,680 Accounts payable 5,100...
Required information Use the following information for the Problems below. (Algo) [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 $130,200 Expenses Cost of goods sold 53,000 Depreciation expense 17,500 Salaries expense 29,000 Rent expense 10,100 Insurance expense 4,900 Interest expense 4,700 Utilities expense 3,900 Net income $...
I don't know if I did it right but I still can't
figure out the supplier amount
Saved Help Save& Exit Subm 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 $136, 200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 55, 000 18, 500 31,000 10,300 5,100...
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 $ 151,200 Expenses Cost of goods sold 60,000 Depreciation expense 21,000 Salaries expense 36,000 Rent expense 10,800 Insurance expense 5,600 Interest expense 5,400 Utilities expense 4,600 Net income 7,800 LANSING COMPANY Selected Balance Sheet Accounts At December...
(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 $106,200 Expenses Cost of goods sold 45,000 Depreciation expense 13,500 Salaries expense 21,000 Rent expense 9,300 Insurance expense 4,100 Interest expense 3,900 Utilities expense 3,100 Net income $ 6,300 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current...
(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 $100, 200 Expenses Cost of goods sold Depreciation expense Salaries expense 43,000 12,500 19,000 Rent expense 9,100 3,900 3,700 2,900 Insurance expense Interest expense Utilities expense Net income 6,100 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Prior...
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 $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...
Requlred Informatlon Lansing Company's 2017 Income statement and selected balance sheet data (for current assets and current liablties) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Ye교r Ended December 31, 2017 gale revenue 100,200 Expenses Cost of goods sold 43,000 Depreciation expense 12,500 Salaries expense 19,000 9,100 Rent expense 3,900 Insurance expense Interest expense 3,700 2,900 Utilities expense 6,100 Net income LANSING COMPANY Belected Balance Sheet Accounts At December 31 2017 2016 $ 5,700 6,000 Account...
Most questions answered within 3 hours.
-
You place a block of
ice (mass of 3 kg) into a test chamber filled with...
asked 42 minutes ago -
If a benzene ring has one -CF3 group as a
substituent, will the next substituent add...
asked 20 minutes ago -
CORPORATE FINANCE
STATEMENT: If the total risk of a stock is high you can
expect the...
asked 10 minutes ago -
Which of the following is true?
Select one:
a. The existence of generally accepted accounting principles...
asked 11 minutes ago -
What are the three characteristics of traditional "neighbor
ethics" that Jonas isolates, and in what respects...
asked 12 minutes ago -
According to the manufacturer of a certain candy, 9% of the
candy produced are red. If...
asked 14 minutes ago -
A rectangular block that is 0.6m wide, 0.6m long and 1.2m high
stands on a horizontal...
asked 21 minutes ago -
3. Assume that a mining company that produces ore sells its
product for $40 per ton....
asked 14 minutes ago -
A near sighted person wears corrective glasses made of a
diverging lens with a focal length...
asked 16 minutes ago -
You work for several accountants who are hosting a public
seminar on recent changes to tax...
asked 33 minutes ago -
A Eucher Deck consists of 24 cards. In a four- player game, each
player is dealt...
asked 31 minutes ago -
Describe and draw the mechanism for the formation of the
Grignard reagent with 2-bromopropane as the...
asked 45 minutes ago