Lansing Companys 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow. Prepare the cash flows from operating activities section only of the companys 2017 statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Prepare the cash flows from operating activities section only of the companys 2017 statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.)

LANSING COMPANY Income Statement For Year Ended December 31, 2017

Sales revenue $ 145,200

Expenses

Cost of goods sold 58,000

Depreciation expense 20,000

Salaries expense 34,000

Rent expense 10,600

Insurance expense 5,400

Interest expense 5,200

Utilities expense 4,400

Net income $ 7,600

LANSING COMPANY Selected Balance Sheet Accounts At December 31 2017 2016

Accounts receivable $ 7,200 $ 9,000

Inventory 3,580 2,340

Accounts payable 6,000 7,800

Salaries payable 1,200 860

Utilities payable 540 320

Prepaid insurance 420 600

Prepaid rent 540 340