10 1 P References Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Salaries and Wages Payable Accounts Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statenent (current year) Sales Revenue Cost of Goods Sold Other Expenses Net Incone Additional Data: 1 a. Bought equipment for cash, $8,300. b. Paid $12,000 on the long-term notes payable. c. Issued new shares of stock for $23,500 cash. d. Declared and paid a $3,100 cash dividend. Current Year Prior Yea 103,300 18,500 $44,770 $14,500 20,700 22,000 23,700 29,000 95,000 (34,200) (26,500) 158,270 $134,000 $ 20,000 870 1,000 29,000 41,000 76,500 53,000 31,100 20,500 158,270 5 134,000 $117,000 69,500 $13,700 e. Other expenses included depreciation, $7700; salaries and wages, $11,700; taxes, $4,700; utilities, $9,700. f Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash Required: 1. Prepare the statement of cash flows for the year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Check my work Next