Required Information Use the following information for the Problems below. (Algo) The following information applies to the questions displayed below) Lansing Company's current-year Income statement and selected balance sheet dota at December 31 of the current and prior years follow LANSING COMPAM Incon Statement For Current Year Ended December 31 Sales revenue $ 151,200 Expenses Cost of goods sold 60,000 Depreciation expense 21,600 Salaries expense 36,000 Rent expense 10, BD Insurance expense 5,600 Interest expense 5,466 Utilities expense 4,66 Net income 57,800 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Peior Year Accounts receivable $ 2,400 $ 9,400 Inventory 3,786 2,440 Accounts payable B, 200 Solares payable 1,24 NO Utilities payable 580 Prepaid insurance 440 640 Prepaid rent 580 360 6,200 10 Problem 12-1A (Algo) 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 slgn.) LANSING COMPANY Cash Flows from Operating Activities -- Indirect Method For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to netash provided by operations Income statement items not affecting cash Changes in current assets and current abilities Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income wwwww 21,900 36,00 10, Bee 5,500 5,400 4,600 $ 7,800 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable 5.7,400 $9,100 Inventory 3.780 2,440 Accounts payable 6,200 8,200 Salaries payable 1.240 Utilities payable 580 Prepaid insurance 440 540 Prepaid rent 58 360 30 Problem 12-1A (Algo) 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 Adjustments to reconcile net income to net cash provided by operations Income statement tems not affecting cash Changes in current assets and current lite