Question

Lansing Company’s 2017 income statement and selected balance sheet data (for current assets and current liabilities)...

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 $142,200
Expenses
Cost of goods sold 57,000
Depreciation expense 19,500
Salaries expense 33,000
Rent expense 10,500
Insurance expense 5,300
Interest expense 5,100
Utilities expense 4,300
Net income $7,500

  

LANSING COMPANY
Selected Balance Sheet Accounts
At December 31 2017 2016
Accounts receivable $7,100 $8,800
Inventory 3,480 2,290
Accounts payable 5,900 7,600
Salaries payable 1,180 850
Utilities payable 520 310
Prepaid insurance 410 580
Prepaid rent 520 330

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:
0
$0
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Answer #1
LANSING COMPANY
Cash Flows from Operating Activities—Indirect Method
For Year Ended December 31, 2017
Cash flows from operating activities:
Net income 7500
Adjustments to reconcile net income to net cash provided by operations:
Depreciation expense 19500
Accounts receivable decrease 1700
Inventory Increase -1190
Accounts payable decrease -1700
Salaries payable increase 330
Utilities payable increase 210
Prepaid insurance decrease 170
Prepaid rent increase -190
18830
Net cash provided by operating activities 26330
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