$[$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 $ $145,200$

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 $31$ Current Year Prior Year

Accounts receivable $ $7,200$ $ $9,000$

Inventory $3,5802,340$

Accounts payable $6,0007,800$

Salaries payable $1,200860$

Utilities payable $540320$

Prepaid insurance $420600$

Prepaid rent $540340$

Problem $16-1$A $($Algo$)$ Indirect: Computing cash flows from operations LO P$2$

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.

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