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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 $121,200 Expenses Cost of goods sold 50,000 Depreciation expense 16,000 Salaries expense 26,000 Rent expense 9,800 Insurance expense 4,600 Interest expense 4,400 Utilities expense 3,600 Net income $ 6,800 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6,400 Inventory 2,780 Accounts payable 5,200 Prior Year $7,400 1,940 6,200 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6,400 Inventory 2,780 Accounts payable 5,200 Salaries payable 1,040 Utilities payable 380 Prepaid insurance 340 Prepaid rent 380 Prior Year $7,400 1,940 6,200 780 240 448 260 Problem 12-1A 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 (Amounts to be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 Cash flows from operating activities: funt income Prepare the operating activities section of tne statement or casn tiows using the inairect met deducted should be indicated with a minus sign.) K ces 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: Depreciation expense Accounts receivable decrease Inventory increase Accounts payable decrease Salaries payable increase Utilities payable increase Prepaid insurance decrease Prepaid rent increase 0 Net cash provided by operating activities $ 0