5 Use the following information for the Problems below. Lansing Company\'s 2017

Question

5 Use the following information for the Problems below. Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow 25 points LANSING COMPANY Income Statement Ended December 31, 2017 Cost of goods sold 54,000 18,000 30,000 10,200 5,000 4,800 4,000 7,200 Print expense References Interest expense utilities expense Net income LANSING COMPAINY Selected Balance Sheet Accounts 2016 Accounts receivable 3,180 2,140 5,600 7,000 Salaries payable 1,120 Prepaid insurance Prepaid rent 460 280 380 520 460 300

Explanation / Answer

Cash flow from Operating Activities-Indirect Method For the Year Ended december 31,2017 Cash flows from operating activities Net income for the year 7,200 Adjustments to reconcile net income to net cash provided by operations Depreciation expense 18,000 Decrease in account receivable 1400 increase in inventory -1040 Decrease in accounts payable -1400 increase in salaries payable 300 increase in utilities payable 180 Decrease in prepaid insurance 140 Increase in prepaid rent -160 17,420 Net cash flow from operating activities 24,620

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