Reference no: EM13789440
Lansing Company’s 2013 income statement and selected balance sheet data at December 31, 2012 and 2013, follow.
LANSING COMPANY
Income Statement
For Year Ended December 31, 2013
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
Selected Balance Sheet Accounts
At December 31 2013 2012
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 operating activities section only of the company’s 2013 statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
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