Question: Use the following information for the Problems below. (Algo) Lansing Companys current-year income statement and selected balance sheet data at December 31 of the current

Use the following information for the Problems below. (Algo)

Lansing Companys current-year income statement and selected balance sheet data at December 31 of the current and prior years follow.

LANSING COMPANYIncome StatementFor Current Year Ended December 31Sales revenue$ 109,200ExpensesCost of goods sold46,000Depreciation expense14,000Salaries expense22,000Rent expense9,400Insurance expense4,200Interest expense4,000Utilities expense3,200Net income$ 6,400LANSING COMPANYSelected Balance Sheet AccountsAt December 31Current YearPrior YearAccounts receivable$ 6,000$ 6,600Inventory2,3801,740Accounts payable4,8005,400Salaries payable960740Utilities payable300200Prepaid insurance300360Prepaid rent300220

Problem 16-1A (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.

Note: Amounts to be deducted should be indicated with a minus sign.

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