Required information Use the following information for the Problems below. [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 $154,200 Expenses Cost of goods sold 61,000 Depreciation expense 21.500 Salaries expense 37.000 Rent expense 10.900 Insurance expense 5,700 Interest expense 5,500 Utilities expense 4,700 Net income $ 7.900 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $7,500 Inventory 3,880 Recounts payable 6,300 Salarios payable 1.260 Utilities payable 600 Prepaid insurance Prepaid rent 600 Prior Year $ 9,600 2.490 8.400 890 350 660 Problem 12-1A Indirect: Computing cash flows from operations LO P2 Prev 12 of 2 !!! Next > Problem 12-1A 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: 12 12 Next > Prepaid rent 600 660 600 370 Problem 12-2AB 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 Activities-Direct Method For Current Year Ended December 31 Cash flows from operating activities / /