Required information Use the following information for the Problems below. The f

Question

Required information Use the following information for the Problems below. The following information applies to the questions displayed 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 LANSING COMPANY For Year Ended December 31, 2017 Sales revenue 106,200 Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense UeLiities expense 5,000 13,500 21,000 ,300 ,100 3,900 3-100 ,300 Net incone LANSING COMPANY Selected Balance Sheet Acoounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 2017 2016 5,900 6.400 2,280 .690 ,7005,200 730 190 340 210 940 280 290 280 Problem 12-1A Indirect: Computing cash flows from operations LO P2 Required Prepare the cash flows from operating activities section only of the company's 2017 statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign) LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Year Ended December 31, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations

Explanation / Answer

Cash flows from operating activities Net income 6300 Adjustments to reconcile net income to operating cash flow Depreciation 13500 Accounts receivable decrease 500 Inventory increase 590 Prepaid insurance decrease 50 Prepaid rent increase -70 Accounts payable decrease -500 Salaries payable increase 210 Utilities payable increase 90 14370 Net cash provided by operating activities 20670

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