12 Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement follow along with additional information Previous Year 3 points Shipped Current Year $ 6,420 960 6,160 (1.620) $ 11,920 $40 440 1,700 5,689 3,740 $ 11,920 $ 4,240 1,870 5,600 (1,310) 5 10,400 $1,000 250 Balance Sheet at December 31 Cash Accounts Receivable Equipent Accumulated Depreciation Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense Net Income book 500 5,600 2.550 $ 10,400 Print References $ 38,700 36,200 310 1.000 51,190 Additional Data: 0. Bought new hockey equipment for cash, $560 b Borrowed $1,200 cash from the bank during the year c Accounts Payable includes only purchases of services made on credit for operating purposes Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash 12 Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the indirect should be indicated with a minus sign.) 3 points HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities Skipped Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities eBook Changes in Current Assets and Current Liabilities Print References 0 Cash Flows from Investing Activities 0 Cash Flows from Financing Activities 0 $ 0