Lansing Company s 201/ income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Year Ended December 31, 2017 $115,200 Cost of goods sold 48,000 15,000 Sales revenue Expenses Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 24,000 9,600 4,400 4,200 3,400 $ 6,600 Net income LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory 2017 2016 $6,200 $7,000 2,580 1,840 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable 5,000 5,800 Salaries payable 1,000 Utilities payable 340 Prepaid insurance 320 Prepaid rent 2017 2016 $6,200 $7,000 2,580 1,840 760 220 400 240 340 Problem 12-1A Indirect: Computing cash flows from operations LO P2 Required: Prepare the cash flows from operating activities section only of the company's 2017 statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) LAN SING COMPANY Cash Flows from Operating Activities-Indirect Method For Year Ended December 31, 2017 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Depreciation expense roblem 12-2AB Direct: Computing cash flows from operations LO equired: Prepare the cash flows from operating activities section only of he company's 2017 statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) LAN SING COMPANY Cash Flows from Operating Activities-Direct Method For Year Ended December 31, 2017 Cash flows from operating activities