Use the following information for the Problems below. (Algo) [The following information apples 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 $ 142,200 Expenses Cost of goods sold 57.ee Depreciation expense 19.500 Salaries expense 33,000 Rent expense 10,500 Insurance expense 5,300 Interest expense 5,100 Utilities expense 4.30 Net Income $ 7,5110 LANSING COMPANY Selected balance sheet Accounts At December 31 Current Year Drior Year Accounts receivable 57.100 5,500 Inventory 3,480 2,200 Accounts payable 5.900 7. see Salarios payable 2.180 850 Utilities payable 520 320 Prepaid insurance 430 580 Prepaid rent 520 330 Problem 16-2AB (Algo) Direct: Computing cash flows from operations LO P5 Problem 16-2AB (Algo) 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.) Answer is complete but not entirely correct. LANSING COMPANY Cash Flows from Operating Activities-Direct Method For Current Year Ended December 31 Cash flows from operating activities Cash receipts from customers 343.000 Cash payments to suppliers 50.800 Cash payments for salaries 32.870 X Cash payments for utilities 4,090 X Cash payments for rent 10,000 Cash payments for insurance 5.130 X Cash payments for interest 5.100 X BO Neto provided by operating activities 5 201.470