Any help is appreciated. Thanks! Lansing Company’s 2017 income statement and sel

Question

Any help is appreciated. Thanks!

Lansing Company’s 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow.

  

180

Prepare the cash flows from operating activities section of the company's 2017 statement of cash flows using the indirect method.

LANSING COMPANY
Income Statement
For Year Ended December 31, 2017 Sales revenue $ 97,200 Expenses Cost of goods sold 42,000 Depreciation expense 12,000 Salaries expense 18,000 Rent expense 9,000 Insurance expense 3,800 Interest expense 3,600 Utilities expense 2,800 Net income $ 6,000

Explanation / Answer

Answer:-

Lansing Company Statement of Cash Flow (Using Indirect Method) For the year ended December,2017 Particulars Amount $ Cash flow from opreating activities Net Income 6000 Adjustments to reconcile net income to net cash provided by opreating activities Adjustment for non cash effects Depreciation 12000 Change in opreating assets & liabilities Decrease in accounts receivable 200 Increase in inventory -440 Increase in salaries payable 180 Decrease in accounts payable -200 Increase in utilities payable 60 Decrease in prepaid insurance 20 Increase in prepaid rent -40 Net cash flow from opreating activities (a) 17780

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