Lansing Company’s 2015 income statement and selected balance sheet data (for cur
ID: 2477709 • Letter: L
Question
Lansing Company’s 2015 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2014 and 2015, follow. LANSING COMPANY Income Statement For Year Ended December 31, 2015 Sales revenue $ 63,200 Expenses Cost of goods sold 21,000 Depreciation expense 5,000 Salaries expense 12,000 Rent expense 3,000 Insurance expense 1,700 Interest expense 1,800 Utilities expense 1,200 Net income $ 17,500 LANSING COMPANY Selected Balance Sheet Accounts At December 31 2015 2014 Accounts receivable $380 $393 Inventory 97 80 Accounts payable 116 126 Salaries payable 46 37 Utilities payable 14 11 Prepaid insurance 14 15 Prepaid rent 11 7 Required: Prepare the cash flows from operating activities section only of the company’s 2015 statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.)
Cash Flows from operating activities - direct method Cash Receipts from customers ------- ? Cash Payments to Suppliers - --------? Cash Payments to salaries--------------? Cash Payents for insurance-------------? Cash Payments for Rent------------------? Cash payments for utilities------------------? Cash Payments for interest-------------------? Net cash provided by operating activities--------------? It also asksthat deducted amount have a minus sign. So woud that be all of the cash payment accounts?Explanation / Answer
Cash receipt from customers 63,200
Cash payments to suppliers (21,000)
Cash payment to salaries (12,000)
Cash payments for insurance (1,700)
Cash payments for rent (3,000)
Cash payments for utilities (1,200)
Cash payments for interests (1,800)
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Net Cash flow from operating activities 22,500
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