Required information Problem $16-2$AB $($Static$)$ Direct: Computing cash flows from operations LO P$5$

$2$

Required:

Prepare the operating activities section of the statement of cash flows using the direct method for the current year.

Note: Amounts to be deducted should be indicated with a minus sign.

Answer is complete but not entirely correct.

Use the following information for the Problems below. $($Static$)$

$[$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.

Problem $16-2$AB $($Static$)$ Direct: Computing cash flows from operations LO P$5$