Answer Happy

Required information [The following information applies to the questions displayed below.) Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 311 Sales revenue $ 112, 200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net incone At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 47,000 14,500 23,000 9,500 4,300 4,100 3,300 $ 6,500 LANSING COMPANY Selected Balance Sheet Accounts Current Year Prior Year $ 6,100 $ 6,800 2,480 4,900 980 320 310 320 1,790 5,600 750 210 380 230

nts Skipped ellook Print ferences section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities $ 0