D Quiz 2 Chapters 16 17 18 ×MMA Mixed Martial Arts × G Lansing Companys 201 X1 e

Question

D Quiz 2 Chapters 16 17 18 ×MMA Mixed Martial Arts × G Lansing Companys 201 X1 eChegg Study Guided .> C | ezto.mheducation.com/hm.tpx 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 S 60,000 Cost of goods sold Depreciation expense Salaries expense Rent expense 21,000 5,500 10,000 2,500 1,700 1,500 1,300 Interest expense Utilities expense Net income S 16,500 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 2015 2014 S3,700 $3,840 1,050 1.019 1,100 ,180 370 110 130 130 460 140 110 160 Prepare the cash flows from operating activities section only of the company's 2015 statement of cash flows Requi using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) uired: NSING COMPAN

Explanation / Answer

Cash flows from operating activities: Net income 16500 Adjustments to reconcile net income to net cash provided by operations: Depreciation expense 5500 Accounts receivable decrease 140 Inventory increase -31 Accounts payable decrease -80 Salaries payable increase 90 Utilities payable increase 30 Prepaid insurance decrease 20 Prepaid rent increase -30 5639 Net cash provided by operating activities 22139

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