Lesson 7 EP (Extra Credit) Help Seve Oh 5 0 Part 2 of 2 14 Soints 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 $103,200 Expenses Coat of goods sold 44,000 Depreciation expense 13.000 Salaries expense 20,000 Rent expense 9,200 Insurance expense 4,000 Intereat expense 3.800 Utilities expense 3,000 Net Income $ 6,200 ebook LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $5,800 Inventory 2.180 Accounts payable 4,600 Salaries payable 920 Utilities payable 260 Prepaid insurance 280 Prepaid rent 260 Prior Year $6,200 1.640 5.000 720 180 120 200 ns LO P5 Problem 12-2AB Direct: Computing cash flows from operations LO P5 Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign.) Book LANSING COMPANY Cash Flows from Operating Activities ---Direct Method For Current Year Ended December 31 Cash flows from operating activities Cash receipts from customers Cash payments to suppliers Cash payments for insurance Cash payments for interest Cash payments for rent Cash payments for salaries Cash payments for utilities $ Net cash provided by operating activities 0