Homework Answers
Answer 1:
Answer 2:
Answer 3:
The two cash flow statements gives the same result in terms of Cash flow from operating activities.
In direct method, we convert 'accrual basis' values to 'cash basis' values line item wise.
In indirect method, we start with net income and then do adjustments to reconcile net income to net cash from operating activities.
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Below is information from the Biddle Company income statement and current assets and current liabilities from...
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 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...
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...
Required information Lansing Company's 2017 income statement and selected balance sheet data (for current assets and...
Required information 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 $ 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 4,900 4,100 7,300 Net income LANSING COMPANY Selected Balance Sheet Accounts 2017 At December 31 Accounts receivable Inventory Accounts...
The following income statement and information about changes in noncash current assets and current liabilities are...
The following income statement and information about changes in noncash current assets and current liabilities are reported. SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales $2,047,000 Cost of goods sold 1,003,030 Gross profit 1,043,970 Operating expenses Salaries expense $280,439 Depreciation expense 49,128 Rent expense 55,269 Amortization expenses–Patents 6,141 Utilities expense 22,517 413,494 630,476 Gain on sale of equipment 8,188 Net income $638,664 Changes in current asset and current liability accounts for the year that relate to operations...
(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 income statement and information about changes in noncash current assets and current liabilities are...
The following income statement and information about changes in
noncash current assets and current liabilities are
reported.
Changes in current asset and current liability accounts for the
year that relate to operations follow.
Required:
Prepare only the cash flows from operating activities section of
the statement of cash flows using the indirect method.
(Amounts to be deducted should be indicated with a minus
sign.)
value: 5.00 points Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income...
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...
(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...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21.000 2.000 9.000 4,500 1,900 1.800 1,400 Net Income $ 7.000 2016 $ 580 770 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory 990 Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance Salaries Payable...
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...
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...
Required information 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 $ 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 4,900 4,100 7,300 Net income LANSING COMPANY Selected Balance Sheet Accounts 2017 At December 31 Accounts receivable Inventory Accounts...
(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 income statement and information about changes in
noncash current assets and current liabilities are
reported.
Changes in current asset and current liability accounts for the
year that relate to operations follow.
Required:
Prepare only the cash flows from operating activities section of
the statement of cash flows using the indirect method.
(Amounts to be deducted should be indicated with a minus
sign.)
value: 5.00 points Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income...
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...
(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...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21.000 2.000 9.000 4,500 1,900 1.800 1,400 Net Income $ 7.000 2016 $ 580 770 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory 990 Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance Salaries Payable...
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