3 25 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 LANSINO CORD ANT Income Statement Tor Current Yeartded December 31 ports Book sales revenue #141,200 Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net Income 59.000 20.500 35,000 10.700 5.500 5,300 3.300 5.7.700 LANSING COMPANY Selected balance sheet Accounts At December Current Year Prior Year Accounts receivable $7.300 $9.200 Inventory 5.680 2,390 Accounts payable salaries payable 6.100 1.220 370 Utilities payable 330 Prepaid insurance 430 620 Prepaid rent 350 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 Fer Current Year Ended December 31 Ca tows from coenating actes Ads to record net income to the provided by operations Incomeaning Changes in and comments ME GEW Prey 18 $ 145,200 Sales revence Expenses Cost ot goods sold Depreciation expense Salaries expense Rent expense Trance expense Interest expense ilities expense Set income 39,000 20,500 35,000 10,700 5.500 5.300 4.500 $2.700 LASSING COMPANY Selected balance sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 7.300 $9.200 Inventory 3.630 2,390 Accounts payable 6.100 8,000 Salarice payable 1.220 170 Utilities payable 560 330 Prepaid insurance 430 Prepaid cent 360 350 620 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 statements not affecting cash Changes in current assets and currentes