Required information Lansing Company\'s 2017 income statement and selected balan

Question

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 Expenses $118,200 Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 49,000 15,500 25,000 9,700 4,500 4,300 3,500 $6,700 Net income SING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 2017 2016 $6,300 $7,200 2,6801,890 5,1006,000 ,02077 230 330 420 360250 360

Explanation / Answer

Cash flow from Operating Actvities Net Income 6700 Adjustment to reconcile net income to net cash provided by operations Depreciation 15500 Decrease in Account Receivable 900 Increase in    Inventory -790 Decrease in Account Payable -900 increase in Utilites payable 130 decrease In Prepaid Insurance 90 Increase In Prepaid rent -110 14820 Cash flow from Operating Actvities 21520

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