Required information [The following information applies to the questions displayed below.] Lansing Company's 2018 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2017 and 2018, follow. LANSING COMPANY Income Statement For Year Ended December 31, 2018 Sales revenue $112,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income At December 31 Accounts receivable 47,000 14,500 23,000 9,500 LANSING COMPANY Selected Balance Sheet Accounts Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 4,300 4,100 3,300 $6,500 2018 $6,100 2,480 4,900 980 320 310 320 2017 $6,900 1,790 5,600 750 210 300 230

Required information [The following information applies to the questions displayed below.] Lansing Company's 2018 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2017 and 2018, follow. LANSING COMPANY Income Statement For Year Ended December 31, 2018 Sales revenue $112,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income At December 31 Accounts receivable 47,000 14,500 23,000 9,500 LANSING COMPANY Selected Balance Sheet Accounts Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 4,300 4,100 3,300 $6,500 2018 $6,100 2,480 4,900 980 320 310 320 2017 $6,900 1,790 5,600 750 210 300 230

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.17E

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