Use the following information for the Problems below. $($Algo$)$

$[$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.

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.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.

Use the following information for the Problems below. $($Algo$)$

$[$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

Selected Balance Sheet Accounts

At December $31$ Current Year Prior Year

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

Inventory $,3,580,2,340$

Accounts payable $6,000,7,800$

Salaries payable $1,200,860$

Utilities payable $,540,320$

Prepaid insurance $420,600$

Prepaid rent $540,340$

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.