Problem 12-1A Indirect: Computing cash flows from operations LO P2 Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow. $ 97,200 LANSING COMPANY Income Statement For Year Ended December 31, 2017 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income 42,000 12,000 18,000 9,000 3,800 3,600 2,800 6,000 LANSING COMPANY Selected Balance Sheet Accounts 2017 $ 5,600 1,980 4,400 880 2016 5,800 1,540 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 4,600 220 700 160 280 260 180 Cash Flows from Operating Activities - Indirect Method