Prepare the operating activities section of the statement of cash flows using the DIRECT METHOD for the current year.

Required information Use the following information for the Problems below. [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 $ 97,200 Expenses Cost of goods sold 42,000 Depreciation expense 12,000 Salaries expense 18,000 Rent expense 9,000 Insurance expense 3,800 Interest expense 3,600 Utilities expense 2,800 Net income $ 6,000 ences LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $5,600 Inventory 1,980 Accounts payable 4,400 Salaries payable 880 Utilities payable 220 Prepaid insurance 260 Prepaid rent 220 Prior Year $5,800 1.540 4,600 700 160 280 180 Problem 12-2AB 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 be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating Activities-Direct Method For Current Year Ended December 31 Cash flows from operating activities nces