11 & 12 Required information Use the following information for the Problems below. [The following information applies to the questions displayed below.) Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $127,200 Expenses Cost of goods sold 52,000 Depreciation expense 17,000 Salaries expense 28,000 Rent expense 10,000 Insurance expense 4,800 Interest expense 4,600 Utilities expense 3,800 Net income $ 7,000 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6,600 Inventory 2,980 Accounts payable 5,400 Salarios payable 1,080 Utilities payable 420 Prepaid insurance 360 Prepaid rent 420 Prior Year $7,800 2.040 6,600 Too 260 480 280 Problem 12-1A Indirect: Computing cash flows from operations LO P2