7:58 PM ezto.mheducation.com .\'Il Sprint Lansing Company\'s 2015 income stateme

Question

7:58 PM ezto.mheducation.com .'Il Sprint Lansing Company's 2015 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2014 and 2015, follow Income Statement For Year Ended December 31, 2015 61,000 Cost of goods sold Depreciation expense 3,000 Insurance expene 1,800 LANSING At December 3 2015 2014 $3.900 Accounts payable Salaries payable bities payable Prepaid insurance Prepaid rent 1,200 1,290 380 260 50 90 Required Prepare the cash flows from operating activities section only of the company's 2015 statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities-Indirect Method Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations ccounts payable decrease References eBook &Resources;

Explanation / Answer

Lansing company

Statement of cash flows from operating activities for the year ended

December 31,2015

Particulars Amount($) Cash flows from operating activities: Net income $18800 Adjustments: Depreciation $4500 Decrease in accounts receivable $100 Increase in inventory ($150) Decrease in accounts payable ($90) Increase in salaries payable $120 Increase in utilities payable $40 Decrease in prepaid insurance $20 Increase in prepaid rent ($30) Net cash flows from operating activities $23310.

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