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(Solution Download) Lansing CompanyA????1s 2013 income statement and selected balance sheet data at December 31, 2012 an


 

 

 

 

 

 

 

Lansing CompanyA????1s 2013 income statement and selected balance

 

sheet data at December 31, 2012 and 2013, follow.

 

 

  LANSING

 

COMPANY

 

Income Statement

 

For Year Ended December 31, 2013

 

  Sales revenue $ 97,200

 

  Expenses

 

     Cost of goods sold 42,000

 

     Depreciation expense 12,000

 

     Salaries expense 18,000

 

     Rent expense 9,000

 

     Insurance expense 3,800

 

     Interest expense 3,600

 

     Utilities expense  

 

2,800

 


 

  Net income $ 6,000

 

  LANSING

 

COMPANY

 

Selected Balance Sheet Accounts

 

  At December 31 2013 2012

 

  Accounts receivable $ 5,600 $ 5,800

 

  Inventory 1,980 1,540

 

  Accounts payable 4,400 4,600

 

  Salaries payable 880 700

 

  Utilities payable 220 160

 

  Prepaid insurance 260 280

 

  Prepaid rent 220 180

 

Required:

 

Prepare the cash flows from operating activities section only of

 

the companyA????1s 2013 statement of cash flows using the indirect

 

method. (Amounts to be deducted should be indicated with a minus

 

sign.)

 


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