Lansing Companyâs 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 companyâs 2015 statement of cash flows using the directmethod. (Amounts to be deducted should be indicatedwith a minus sign.)
LANSING COMPANY Cash Flows from OperatingActivitiesâDirect 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
Lansing Companyâs 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 companyâs 2015 statement of cash flows using the directmethod. (Amounts to be deducted should be indicatedwith a minus sign.)
PLEASE CALCUALATE EACH ACTIVITIES | |||||||||||||||||||||||||||||||||||
Related questions
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 | $ | 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 At December 31 |
||||||
| 2017 | 2016 | |||||
| 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 the operating activities section only of the company’s 2017 statement of cash flows using the direct and indirect method. (Amounts to be deducted should be indicated with a minus sign.)
| Devin E Corporation | |||
| Balance Sheet | |||
| As of December 31, | |||
| 2015 | 2014 | ||
| Assets: | |||
| Cash & Cash Equivalents | $41,900 | $25,000 | |
| Accounts Receivable | 24,000 | 6,250 | |
| Inventory | 30,000 | 36,000 | |
| CurrentAssets | 95,900 | 67,250 | |
| Land | 25,000 | 10,000 | |
| Equipment | 42,000 | 38,500 | |
| Less: Accumulated Depreciation | (14,000) | (7,000) | |
| 53,000 | 41,500 | ||
| Total Assets | 148,900 | 108,750 | |
| Liabilities: | |||
| Accounts Payable | 17,500 | 22,500 | |
| Accrued Salaries Payable | 5,500 | 8,000 | |
| Rent Expense Payable | 2,200 | 1,000 | |
| Income Tax Payable | 6,900 | 4,000 | |
| Current Liabilities | 32,100 | 35,500 | |
| Long-term notes payable | 50,000 | 30,000 | |
| Total Liabilities | 82,100 | 65,500 | |
| Stockholders Equity: | |||
| Common Stock | 42,000 | 30,000 | |
| Retained Earnings | 24,800 | 13,250 | |
| Total Liabilities & StockholdersEquity | $148,900 | $108,750 | |
| Devin E Corporation | |||
| Income Statement | |||
| For the Year Ended December 31, 2015 | |||
| 2015 | |||
| Revenues | $147,000 | ||
| Cost of Goods Sold | 84,000 | ||
| Gross Profit | 63,000 | ||
| Operating Expenses | |||
| Depreciation Expense | 7,000 | ||
| Salary Expense | 14,600 | ||
| Insurance Expense | 2,500 | ||
| Rent Expense | 10,000 | ||
| Interest Expense | 4,200 | ||
| Total OperatingExpenses | 38,300 | ||
| Income from Operations | 24,700 | ||
| Income Tax Expense | 6,900 | ||
| Net Income | $17,800 | ||
| Devin E Corporation (theâCompanyâ) manufactures food processing equipment. Use DevinCorporationâs 2015 and 2014 balance sheets and 2015 incomestatement shown below to prepare a statement of cash flows for2015. Note that the Company paid dividends of $6,250 during2015. |
Please fill in the balance sheet as well as create a statementof cash flow sheet
| Devin E Corporation | ||||||||
| Balance Sheet | ||||||||
| 31-Dec | ||||||||
| Worksheet for Cash Flow | ||||||||
| 2015 | 2014 | Change | Cash | Operating | Investing | Financing | ||
| Cash and Cash Equivalents | ||||||||
| Accounts Receivable | ||||||||
| Inventory | ||||||||
| Land | ||||||||
| Equipment | ||||||||
| Accumulated Depreciation | ||||||||
| Accounts Payable | ||||||||
| Accrued Salaries Payable | ||||||||
| Rent Expense Payable | ||||||||
| Income Tax Payable | ||||||||
| Long-term Note Payable | ||||||||
| Common Stock | ||||||||
| Retained Earnings | ||||||||
| Devin E Corporation | ||
| Statement of Cash Flows | ||
| For the Year Ended December 31, 2015 | ||
The following income statement and information about changes innoncash current assets and current liabilities are reported. |
| SONAD COMPANY Income Statement For Year Ended December 31, 2015 | ||||||
| Sales | $ | 2,322,000 | ||||
| Cost of goodssold | 1,137,780 | |||||
| Gross profit | 1,184,220 | |||||
| Operatingexpenses | ||||||
| Salaries expense | $ | 318,114 | ||||
| Depreciation expense | 55,728 | |||||
| Rent expense | 62,694 | |||||
| AmortizationexpensesâPatents | 6,966 | |||||
| Utilities expense | 25,542 | 469,044 | ||||
| 715,176 | ||||||
| Gain on sale ofequipment | 9,288 | |||||
| Net income | $ | 724,464 | ||||
| Changes in current asset andcurrent liability accounts for the year that relate to operationsfollow. |
| Accountsreceivable | $ | 10,200 | increase | Accountspayable | $ | 8,675 | decrease |
| Inventory | 39,100 | increase | Salariespayable | 3,000 | decrease | ||
Required:
| Prepare only the cash flows from operating activities section ofthe statement of cash flows using the indirect method.(Amounts to be deducted should be indicated with a minussign.) It has an area on the sheet for "Changes in currentassests and liabilities not sure what goes underthere. |
