Help Save & Exit [The following information applies to the questions displayed below.) Check my…

Help Save & Exit [The following information applies to the questions displayed below.) Check my…

Help Save & Exit [The following information applies to the questions displayed below.) Check my 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 Income Statement For Year Ended December 31, 2017 Sales revenue $ 133,200 Expenses Cost of goods sold 54,000 Depreciation expense 18,000 Salaries expense 30,000 Rent expense 10,200 Insurance expense 5,000 Interest expense 4,800 Utilities expense 4,000 Net income 7,200 LANSING COMPANY Selected Balance Sheet Accounts At December 31 2017 2016 Accounts receivable $6,800 $8,200 Inventory 3,180 2,140 Accounts payable 5,600 7,000 Salaries payable 1,120 Utilities payable 460 Prepaid insurance 380 Prepaid rent 460 280 Prey 12 of 2 – Next > Saved Help Save & Exit Submit Check my work 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: Net income Adjustments to reconcile net income to net cash provided by operations: 0 Prey. 1 2 of 2 Next > Required: Prepare the cash flows from operating activities section only of the company's 2017 statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating Activities-Direct Method For Year Ended December 31, 2017 Cash flows from operating activities TIN TIN 1. I. We were unable to transcribe this image

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