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Accounting
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[The following information applies to the questions displayed below.] Lansing Companys 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
57,000
Depreciation expense
19,500
Salaries expense
33,000
Rent expense
10,500
Insurance expense
5,300
Interest expense
5,100
Utilities expense
4,300
Net income
$ 7,500
LANSING COMPANY
Selected Balance Sheet Accounts
At December 31
Current Year
Prior Year
Accounts receivable
$ 7,100
$ 8,800
Inventory
3,480
2,290
Accounts payable
5,900
7,600
Salaries payable
1,180
850
Utilities payable
520
310
Prepaid insurance
410
580
Prepaid rent
520
330
Problem 12-2AB (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.)
Please answer this for the direct method. Thank you!
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