Looking just to get someone to check my practice problem so I know I'm doing it...
Looking just to get someone to check my practice problem so I
know I'm doing it right lol.
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 | $ | 6,000 | |||||
| Inventory | 2,080 | 1,590 | |||||||
| Accounts payable | 4,500 | 4,800 | |||||||
| Salaries payable | 900 | 710 | |||||||
| Utilities payable | 240 | 170 | |||||||
| Prepaid insurance | 270 | 300 | |||||||
| Prepaid rent | 240 | 190 | |||||||
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
Cash Flows from Operating Activities—Indirect Method
For Current Year Ended December 31Cash flows from operating activities
Net income 6,100
Adjustments to reconcile net income to net cash provided by operations
Accounts receivable decrease (300)
Accounts payable decrease (300)
Salaries payable decrease 190
Utilities payable increase 70
Prepaid insurance decrease (30)
Prepaid rent increase 50
(320)
Total: $5,780
Homework Answers
Note :
1. Depreciation is a non cash expenses for this it is added with the net income to reconcile the amount of cash provided by operating activities.
2. In changes in operating assets and liabilities section, increase in current liabilities and decrease in current assets are added and increase in current assets and decrease in current liabilities are deducted from adjusted net income to get the net cash flows from operating activities.
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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...
(The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected...
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Required information [The following information applies to the questions displayed below.] Lansing Company's 2017 income statement...
Required information [The following information applies to the questions displayed 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 $112,200 47,000 14,500 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 23,000 9,500 4,300 4,100 3,300 $ 6,500 Net income LANSING COMPANY Selected Balance Sheet...
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...
(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...
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...
Required Information Use the following information for the Problems below. [The following information applies to the...
Required Information Use the following information for the Problems below. [The following information applies to the questions displayed 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 $157,200 Expenses Cost of goods sold 62,eee Depreciation expense 22. eee Salaries expense 38.809 Rent expense 11. eee Insurance expense 5, see Interest expense 5.689 Utilities...
Required information [The following information applies to the questions displayed below.] Lansing Company's 2017 income statement...
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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 $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 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 $142,200 Expenses Cost of goods sold 57,000 Depreciation expense 19,500 Salaries expense 33,000 Rent expense 10,500 Insurance expense 5,300 Interest expense 5,100 Utilities expense 4,300 Net income S7.500 LANSING COMPANY Selected Balance Sheet Accounts At December 31...
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...
(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 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 $112,200 47,000 14,500 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 23,000 9,500 4,300 4,100 3,300 $ 6,500 Net income LANSING COMPANY Selected Balance Sheet...
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...
(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...
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...
Required Information Use the following information for the Problems below. [The following information applies to the questions displayed 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 $157,200 Expenses Cost of goods sold 62,eee Depreciation expense 22. eee Salaries expense 38.809 Rent expense 11. eee Insurance expense 5, see Interest expense 5.689 Utilities...
Required information [The following information applies to the questions displayed 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 $ 109,200 Expenses Cost of goods sold 46, eee Depreciation expense 14, eee Salaries expense 22, eee Rent expense 9, 4ee Insurance expense 4,200 Interest expense 4,000 utilities expense 3,200 Net income $ 6,400...
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 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 $142,200 Expenses Cost of goods sold 57,000 Depreciation expense 19,500 Salaries expense 33,000 Rent expense 10,500 Insurance expense 5,300 Interest expense 5,100 Utilities expense 4,300 Net income S7.500 LANSING COMPANY Selected Balance Sheet Accounts At December 31...
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