Required information 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 Income Statement for Current Year Ended December 11 Sales revenue Expenses Cost t of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net Income $ 139,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid Insurance Prepaid rent 56,000 19,000 32,000 10,400 1,200 LANSING COMPANY Selected Balance Sheet Accounts Current Year $7,000 3,300 5,000 1,100 500 $ 7,400 Prior Year $8,000 2,240 7,400 blem 16-2AB (Algo) Direct: Computing cash flows from operations LO PS uired: are 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.

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