Required information 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. 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 Utilities expense Net income $ 97,200 42,000 12,000 18,000 9,000 3,800 3,600 2,800 $ 6,000 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Current Year Prior Year $ 5,600 $ 5,800 1,980 1,540 4,400 4,600 888 700 220 160 260 280 At December 31 Accounts receivable LANSING COMPANY Selected Balance Sheet Accounts Current Year Prior Year $ 5,800 $5,600 Inventory 1,980 1,540 Accounts payable 4,400 Salaries payable 880 4,600 700 Utilities payable 220 160 Prepaid insurance 268 280 Prepaid rent 220 180 Problem 12-1A (Static) 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 Cash flows from operating activities: For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash ducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating Activities-Indirect Method For Current Year Ended December 31 ash flows from operating activities: djustments to reconcile net income to net cash provided by operations: come statement items not affecting cash manges in current assets and current liabilities