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 $118,200 Expenses Cost of goods sold 49,000 Depreciation expense 15,500 Salaries expense 25,000 Rent expense 9,700 Insurance expense 4,500 Interest expense 4,300 Utilities expense 3,500 Net income $ 6,700 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6,300 Inventory 2,680 Accounts payable 5,100 Salarios payable 1,020 Utilities payable 360 Prior Year $ 7,200 1,890 6,000 770 230 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6,300 Inventory 2,680 Accounts payable 5,100 Salaries payable 1,020 Utilities payable 360 Prepaid insurance 330 Prepaid rent 360 Prior Year $ 7,200 1,890 6,000 770 230 420 250 Problem 12-2AB (Algo) Direct: Computing cash flows from operations LO P5 Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. (Amounts to deducted should be indicated with a minus sign.) ANGIN DALI LANSING COMPANY Cash Flows from Operating Activities-Direct Method For Current Year Ended December 31 Cash flows from operating activities Net income $ 6,700 $ 6,700