"Direct Method"

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. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $ 148,200 Expenses Cost of goods sold 59,000 Depreciation expense 20,500 Salaries expense 35,000 Rent expense 10, 700 Insurance expense 5,500 Interest expense 5,300 Utilities expense 4,500 Net income $ 7,700 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $ 7,300 Inventory 680 Accounts payable Salaries payable Utilities payable 560 Prepaid insurance 430 Prepaid rent 560 6,100 1,220 Prior Year $ 9,200 2,39 8,000 870 330 620 350 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 ActivitiesDirect Method For Current Year Ended December 31 Cash flows from operating activities $ 0