! Required Information [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 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 118,200 49,000 15,500 25,000 9,700 4,500 4,300 3,500 $ 6,700 LANSING COMPANY Selected Balance Sheet Accounts Current Year At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent Prior Year $ 6,300 $ 7,200 2,680 1,890 5,100 6,000 1,020 770 360 230 330 420 360 250 Required: Prepare the operating activities section of the statement of cash flows using the Indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. LANSING COMPANY Cash Flows from Operating Activities-Indirect Method Cash flows from operating activities: Net income For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Increase in salaries payable Changes in current assets and current liabilities Decrease in accounts receivable Decrease in prepaid insurance Decrease in inventory Decrease in prepaid insurance Decrease in inventory Increase in salaries payable Increase in salaries payable Increase in utilities payable Net cash provided by financing activities 0 $ 0