Refer to the information in Problem.

In Problem

Required
Prepare the cash flows from operating activities section only of the company€™s 2015 statement of cash flows using the direct method.

LANSING COMPANY Income Statement For Year Ended December 31,2015 Sales revenue.... Expenses $97,200 LANSING COMPANY Selected Balance Sheet Accounts Cost of goods sold 42,000 At December 31 2015 2014 .. Accounes receivable .. $5,600 $5800 D Inventory...1,980 ,540 Accounts payable Salaries payable . Utilities payable .. Prepaid insurance. Prepaid rent.. Depreciation expense Rent expense. Interest expense .. 9,000 3.800 3,600 2,800 $ 6000 2 4,400 4,600 880 700 Insurancoe 220 160 260 280 220 80 Utilities expense Net income