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 data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $109,200 Expenses Cost of goods sold 46,000 Depreciation expense 14,000 Salaries expense 22,000 Rent expense 9,400 Insurance expense Interest expense 4,000 Utilities expense 3,200 Net income $ 6,400 4,200 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6,000 Inventory 2,380 Accounts payable 4,800 Salaries payable 960 Utilities payable 300 Prepaid insurance 300 Prepaid rent 300 Prior Year $6,600 1,740 5,400 740 200 360 220 Problem 12-2AB (Algo) Direct: Computing cash flows from operations LO P5 Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating ActivitiesDirect Method For Current Year Ended December 31 Cash flows from operating activities Cash receipts from customers Cash payments to suppliers Cash payments for salaries Cash payments for rent Cash payments for insurance Cash payments for interest Cash payments for utilities