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Lansing Company s 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016, and 2017, follow:

1) Prepare the cash flow from the operating activities section only of the company's 2017 statement of cash flows using the indirect method.

2) Prepare the cash flow from the operating activities section only of the company's 2017 statement of cash flows using the direct method.

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Joshua Stredder
Joshua StredderLv10
31 Jan 2021

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Lansing Companyā€™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 $ 97,200
Expenses Ā  Ā 
Cost of goods sold Ā  42,000
Depreciation expense Ā  12,000
Salaries expense Ā  18,000
Rent expense Ā  9,000
Insurance expense Ā  3,800
Interest expense Ā  3,600
Utilities expense Ā  2,800
Net income $ 6,000

Ā 

LANSING COMPANY
Selected Balance Sheet Accounts

At December 31
Ā  2017 Ā  2016 Ā 
Accounts receivable $ 5,600 Ā  $ 5,800 Ā 
Inventory Ā  1,980 Ā  Ā  1,540 Ā 
Accounts payable Ā  4,400 Ā  Ā  4,600 Ā 
Salaries payable Ā  880 Ā  Ā  700 Ā 
Utilities payable Ā  220 Ā  Ā  160 Ā 
Prepaid insurance Ā  260 Ā  Ā  280 Ā 
Prepaid rent Ā  220 Ā  Ā  180


Required: Prepare the cash flows from the operating activities section only of the companyā€™s 2017 statement of cash flows using the direct and indirect method.Ā (Amounts to be deducted should be indicated with a minus sign.)

LANSING COMPANY
Selected Balance Sheet Accounts
At December 31 2017 Ā  2016 Ā 
Accounts receivable $ 5,600 Ā  $ 5,800 Ā 
Inventory Ā  1,980 Ā  Ā  1,540 Ā 
Accounts payable Ā  4,400 Ā  Ā  4,600 Ā 
Salaries payable Ā  880 Ā  Ā  700 Ā 
Utilities payable Ā  220 Ā  Ā  160 Ā 
Prepaid insurance Ā  260 Ā  Ā  280 Ā 
Prepaid rent

Lansing CompanyĆ¢Ā€Ā™s 2015 income statement and selected balancesheet data (for current assets and current liabilities) at December31, 2014 and 2015, follow.

LANSING COMPANY
Income Statement
For Year Ended December 31, 2015
Sales revenue $ 62,200
Expenses
Cost of goods sold 21,000
Depreciation expense 4,500
Salaries expense 10,000
Rent expense 3,000
Insurance expense 1,700
Interest expense 1,800
Utilities expense 1,500
Net income $ 18,700
LANSING COMPANY
Selected Balance Sheet Accounts

At December 31

2015

2014
Accounts receivable $360 $371
Inventory 96 75
Accounts payable 123 130
Salaries payable 47 39
Utilities payable 13 10
Prepaid insurance 10 11
Prepaid rent 13 11
Required:

Prepare the cash flows from operating activities section only ofthe companyĆ¢Ā€Ā™s 2015 statement of cash flows using the directmethod. (Amounts to be deducted should be indicatedwith a minus sign.)

LANSING COMPANY
Cash Flows from OperatingActivitiesĆ¢Ā€Ā”Direct Method
For Year Ended December 31,2015
Cash flows from operatingactivities
Cash receipts from customers
Cash payments for rent
Cash payments for interest
Cash payments for utilities
Cash payments for insurance
Cash payments for salaries
Cash payments to suppliers
Net cash provided by operatingactivities $0

PLEASE CALCUALATE EACH ACTIVITIES

The current sections of Pearl Corp.Ć¢Ā€Ā™s balance sheets at December 31, 2016 and 2017, are presented here. Pearl Corp.Ć¢Ā€Ā™s net income for 2017 was $157,437. Depreciation expense was $27,783. 2017 2016 Current assets Cash $108,045 $ 101,871 Accounts receivable 82,320 91,581 Inventory 172,872 176,988 Prepaid expenses 27,783 22,638 Total current assets $391,020 $393,078 Current liabilities Accrued expenses payable $ 15,435 $ 5,145 Accounts payable 87,465 94,668 Total current liabilities $102,900 $ 99,813 Prepare the net cash provided (used) by operating activities section of the companyĆ¢Ā€Ā™s statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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