7. planning: benefits and limitations (connect, perform) as a manager, you have been asked to work with your employees to develop goals. what can you expect from this process? check all that apply. a benefit of plans is that they lock the organization into a course of action it can stick to, even if the environment changes. when deciding whether goals and plans will be beneficial, managers should consider whether the environment is more stable or more dynamic. the advantages of setting goals and making plans always outweigh the disadvantages for every organization in any environment. one of the drawbacks of plans is that they can create a false sense of security. richard, owner of a small accounting firm, sets a goal to hire another cpa this year so he can take on more clients and increase his company’s income. richard knows that this goal will act as .

Required information 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 $130,200 expenses cost of goods sold 53,000 depreciation expense 17,500 salaries expense 29,000 rent expense 10,100 insurance expense 4,900 interest expense 4,700 utilities expense 3,900 net income $7,100 lansing company selected balance sheet accounts at december 31 2017 2016 accounts receivable $6,700 $8,000 inventory 3,080 2,090 accounts payable 5,500 6,800 salaries payable 1,100 810 utilities payable 440 270 prepaid insurance 370 500 prepaid rent 440 290 required: prepare the cash flows from operating activities section only of the company’s 2017 statement of cash flows using the indirect method. (amounts to be deducted should be indicated with a minus sign.)