LANSING COMPANY

Cash Flows from Operating Activities$-$Indirect Method

For Current Year Ended December $31$

$[$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 $ $136,200$

Expenses

Cost of goods sold $55,000$

Depreciation expense $18,500$

Salaries expense $31,000$

Rent expense $10,300$

Insurance expense $5,100$

Interest expense $4,900$

Utilities expense $4,100$

Net income $ $7,300$

LANSING COMPANY

Selected Balance Sheet Accounts

At December $31$ Current Year Prior Year

Accounts receivable $ $6,900$ $ $8,400$

Inventory $3,2802,190$

Accounts payable $5,7007,200$

Salaries payable $1,140830$

Utilities payable $480290$

Prepaid insurance $390540$

Prepaid rent $480310$