Payments for inventory Receipts from and sale -……… Receipts from machinery sale

Question

Payments for inventory Receipts from and sale -……… Receipts from machinery sale Receipts from issuing stock 208,400 Payments for wages 220,000 Payments for rent 2.590 000 .. 550,000 320,000 218,000 2,238,000 1,260,000 386,000 500,000 710,000 Payments for interest Receipts from borrowing 1,540,000 Payments for taxes 3,600,000 Paym Payments for long-term investments..1. Payments for note payable Payments for dividends ents for machinery Balance,Dec. 31, 201 ments for treasury tock.. 218,000 connect Company's 2015 income statement and selected balance sheet data (for current assets Lansing ent liabilities) at December 31, 2014 and 2015, follow. and cur PROBLEM SET A Problem 16-1A Indirect: Computing cash flows from operations P2 LANSING COMPANY Income Statement For Year Ended December 31,2015 LANSING COMPANY Selected Balance Sheet Accounts Sales revenue.. $97.200 42,000 12,000X 8,000 Cost of goods sold Depreciation expense.... Salaries expense Rent expense Insurance expense . Interest expense Utilities expense At December 31 Accounts receivable . 2015 2014 $5,600 $5,800 1,980 I1,540 4,400 4,600 880 70 220 160 260 280 180 9,000 3,800 Salaries payable Uclilities payable Prepaid insurance Prepaid rent . 2,800 Net income 220 Prepare the cash flows from operating activities section only of the company's 2015 statement of cash Check ca flows using the indirect method. Cash from operating activities, $17

Explanation / Answer

Calculate cash flow from operating activities :

Net income 6000 Adjustment to reconcile net income Depreciation exp 12000 Decrease account receivable 200 Increase inventory (440) decrease account payable (200) Increase salaries payable 180 Increase utilities payable 60 Decrease prepaid insurance 20 Increase prepaid rent (40) Net cash flow from operating activities 17780

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