i Required information Use the following information for the Problems below. (Algo) [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 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense $ 103,200 44,000 13,000 20,000 9,200 4,000 Interest expense Net income 3,800 Utilities expense 3,000 $ 6,200 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Current Year Prior Year $ 5,800 $ 6,200 2,180 1,640 4,600 5,000 920 720 260 180 280 320 260 200 Prepaid rent Problem 16-1A (Algo) Indirect: Computing cash flows from operations LO P2 Required: Prepare the operating activities section of the statement of cash flows using the Indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Answer is not complete. LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities + 0 0