The following income statement and information about changes innoncash current assets and current liabilities are reported. SONADCOMPANY Income Statement For Year Ended December 31, 2015 Sales $2,417,000 Cost of goods sold 1,184,330 Gross profit 1,232,670Operating expenses Salaries expense $ 331,129 Depreciation expense58,008 Rent expense 65,259 Amortization expensesâPatents 7,251Utilities expense 26,587 488,234 744,436 Gain on sale of equipment9,668 Net income $ 754,104 Changes in current asset and currentliability accounts for the year that relate to operations follow.Accounts receivable $ 20,450 increase Accounts payable $ 14,050decrease Inventory 32,325 increase Salaries payable 5,100 decreaseRequired: Prepare only the cash flows from operating activitiessection of the statement of cash flows using the indirect method.(Amounts to be deducted should be indicated with a minus sign.)
The following income statement and information about changes innoncash current assets and current liabilities are reported. SONADCOMPANY Income Statement For Year Ended December 31, 2015 Sales $2,417,000 Cost of goods sold 1,184,330 Gross profit 1,232,670Operating expenses Salaries expense $ 331,129 Depreciation expense58,008 Rent expense 65,259 Amortization expensesâPatents 7,251Utilities expense 26,587 488,234 744,436 Gain on sale of equipment9,668 Net income $ 754,104 Changes in current asset and currentliability accounts for the year that relate to operations follow.Accounts receivable $ 20,450 increase Accounts payable $ 14,050decrease Inventory 32,325 increase Salaries payable 5,100 decreaseRequired: Prepare only the cash flows from operating activitiessection of the statement of cash flows using the indirect method.(Amounts to be deducted should be indicated with a minus sign.)
Related questions
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. |
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 | |||||||||||||||||||||||||||||||||||
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.)
