Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current...

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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 Interest expense $ 97,200 42,000 12,000 18,000 9,000 3,800 3,600 Utilities expense Net income 2,800 $ 6,000 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $5,600 $ 5,800 Inventory 1,980 1,540 Accounts payable 4,400 4,600 Salaries payable 880 700 Utilities payable 220 160 Prepaid insurance 260 280 Prepaid rent 220 180 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. LANSING COMPANY Cash Flows from Operating Activities-Indirect Method Cash flows from operating activities: Net income For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Chase la current scents and current liabilition. Decrease in accounts payable Decrease in accounts receivable Decrease in inventory Decrease in prepaid insurance 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 Interest expense $ 97,200 42,000 12,000 18,000 9,000 3,800 3,600 Utilities expense Net income 2,800 $ 6,000 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $5,600 $ 5,800 Inventory 1,980 1,540 Accounts payable 4,400 4,600 Salaries payable 880 700 Utilities payable 220 160 Prepaid insurance 260 280 Prepaid rent 220 180 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. LANSING COMPANY Cash Flows from Operating Activities-Indirect Method Cash flows from operating activities: Net income For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Chase la current scents and current liabilition. Decrease in accounts payable Decrease in accounts receivable Decrease in inventory Decrease in prepaid insurance