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Required information Skip to question [The following information applies to the questions displayed below.] Lansing Companys current-year income statement and selected balance sheet data at

Required information

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[The following information applies to the questions displayed below.] Lansing Companys current-year income statement and selected balance sheet data at December 31 of the current and prior years follow.

[The following information applies to the questions displayed below.] Lansing Companys 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 $ 151,200
Expenses
Cost of goods sold 60,000
Depreciation expense 21,000
Salaries expense 36,000
Rent expense 10,800
Insurance expense 5,600
Interest expense 5,400
Utilities expense 4,600
Net income $ 7,800

LANSING COMPANY Selected Balance Sheet Accounts
At December 31 Current Year Prior Year
Accounts receivable $ 7,400 $ 9,400
Inventory 3,780 2,440
Accounts payable 6,200 8,200
Salaries payable 1,240 880
Utilities payable 580 340
Prepaid insurance 440 640
Prepaid rent 580 360

Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.)

LANSING COMPANY Selected Balance Sheet Accounts
At December 31 Current Year Prior Year
Accounts receivable $ 7,400 $ 9,400
Inventory 3,780 2,440
Accounts payable 6,200 8,200
Salaries payable 1,240 880
Utilities payable 580 340
Prepaid insurance 440 640
Prepaid rent 580 360

Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.)

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