statement of cash flows using direct method

5 Required information [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. Part 2 of 2 14 points 8 01:16:27 LANSING COMPANY Income Statement Eor Current Year Ended December 31 Sales revenue $ 115,200 Expenses Cost of goods sold 48,000 Depreciation expense 15,000 Salaries expense 24,000 Rent expense 9,600 Insurance expense 4.400 Interest expense 4,200 Utilities expense 3,400 Net income $ 6,600 eBook Print LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 6,200 $ 7,000 Inventory 2,580 1,840 Accounts payable 5,000 5,800 Salaries payable 1,000 760 Utilities payable 340 220 Prepaid insurance 320 400 Prepaid rent 340 240 CD A tv 27 CLcaiu en JOU 41 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 Cash receipts from customers 121,400 Increase in inventory (50,420) Net cash provided by operating activities 70,980