In early 2008, the price of oil on the world market increased, hitting a peak of about $140 per barrel in July 2008. In the second half of 2008, the price of oil declined, ending the year at just over $40 per barrel. For each of the following scenarios, illustrate graphically how the exogenous event contributed to a rise or decline in the price of oil in 2008: a. A booming economy in China raised the global demand for oil to record levels in 2008. b. As a result of the financial crisis of 2008, the United States and other developed economies plunged into a severe recession in the latter half of 2008. c. Reduced sectarian violence in Iraq in 2008 enabled Iraq to increase its oil production capacity.

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.)