Chapter 12 12-1 ezto Lansing Company's 2016 income statement and selected balance sheet data (for current assets and current labl Inventory are on credit Income Statement For Year Ended December 31, 2016 Sales revenue Expenses 97,200 Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 42,000 12,000 18,000 9,000 3,800 3,600 2,800 S 6,000 Net income LANSING COMPANY Selected Balance Sheet Accounts 20162015 S 5,600 5,800 1,980 1,540 4,400 4,600 880700 220160 260 280 220 180 At December 31 Accounts receivable Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent Required: Prepare the cash fows from operating activities section only of the company's 2016 statement of cash fows usingt LANSING COMPANY Cash Flows from Operating Activities-Direct Method For Year Ended December 31, 2016 Cash flows from operating activities Cash receipts from customers Cash payments for insurance Cash payments for rent