14 XS Supply 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 Previous Year 0.4 Dom Current Year $35,230 42,400 131,500 $ 30,300 26,700 30,700 107.000 25 200 5179,000 $ 27,700 eBook 5214,130 5.37,460 Balance Sheet at Decenber 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Mages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income statement Sales Revenue Cost of Goods Sold Other Expenses Net Income 40,300 92,00 30,660 5214,130 51.000 23.30 25700 $179.000 5127,000 73,500 4. $ 12.900 Additional Data: a Bought equipment for cash. 524,500 b. Paid $6.700 on the long term note payable Issued new shares of stock for $19,500 cash d. No dividends were declared or paid e Other expenses included depreciation, S5700. salaries and wages. $20.700 taxes, 56700; utilities, $7500 Accounts Payable includes only inventory purchases made on credit Because there are no liability accounts relating to taxes or other expenses, assume that there expenses were fully paid in cash Required: 1. Prepare the statement of cash flows for the current year ended December 3 using the Indirect method (Amounts to be deducted should be indicated with a minus sign) XS SUPPLY COMINY Statement of Cash Flows For the Year Ended December 11 Cash Flows from Operating M 14 Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method (Amounts to be should be indicated with a minus sign.) 0.4 points ebook XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation Expense Increase in Inventory 5 12.900 References 12.900 Cash Flows from investing Activities Cash Flows from Financing Activities $