Accounts Payable Salaries and Wages Payable Note Payable (long-tera) Common Stock Retained Earnings Total Liabilities and Stockholders Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses Net Income $ 35,00 1,380 35,500 16,800 36.000 $195,480 5 26,700 1,550 41,000 72,30 24,700 $166,250 $117.000 68,500 36,600 $ 11,90 Additional Date: Bought equipment for cash. 519,500 b Paid 55,700 on the long-term note payable. c.Issued new shares of stock for $14,500 cash d No dividends were declared or paid e Other expenses included depreciation, $4,700 salaries and wages, $19,700, taxes, 55,700, utilities. $6.500 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 current year ended December 31 using the indirect method (Amounts to be deducted should be indicated with a minus sign) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in current assets and current liabilities: Cash Flows from Investing Activities: Cash Flows from Financing Activities 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 Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipetent Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and wages Payable Note Payable (long-term) Common Stock Retained tarnings Total Liabilities and Stockholders Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses Net Income 5 33.530 34,0 48,400 116.500 29.400) $195.450 535,400 1,30 35,00 36,00 M5.00 5195,400 $ 28,550 27,700 27,700 97, 20.2003 5166,25 $ 26,00 1.550 43.000 72.300 24700 $166.250 $117.000 6,50 36.600 $ 11,00 Additional Dato: a Bought equipment for cash $19.500 b. Paid $5.700 on the long-term note payable c Issued new shares of stock for $14.500 cash d. No dividends were declared or paid e. Other expenses included depreciation 54700 salaries and wage 519.700 a $5.700. sausoo Accounts Payable includes only inventory purchases made on credit because there were other expenses, assume that these expenses were ad inca Additional Data: a. Bought equipment for cash, $19,500. b. Paid $5,700 on the long-term note payable, c.Issued new shares of stock for $14,500 cash d. No dividends were declared or paid. e Other expenses included depreciation, $4700, salaries and wages, $19.700; taxes, $5.700; utilities, $6,500 f Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes on other expenses, assume that these expenses were fully paid in cash, Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities Adjustments to Reconcile Net Income to Not Cash Provided by Operating Activities Changes in current assets and current liable be indicated with a minus sign.) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in current assets and current liabilities: es Cash Flows from Investing Activities: Cash Flows from Financing Activities Accounts Payable Salaries and Wages Payable Note Payable (long-tera) Common Stock Retained Earnings Total Liabilities and Stockholders Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses Net Income $ 35,00 1,380 35,500 16,800 36.000 $195,480 5 26,700 1,550 41,000 72,30 24,700 $166,250 $117.000 68,500 36,600 $ 11,90 Additional Date: Bought equipment for cash. 519,500 b Paid 55,700 on the long-term note payable. c.Issued new shares of stock for $14,500 cash d No dividends were declared or paid e Other expenses included depreciation, $4,700 salaries and wages, $19,700, taxes, 55,700, utilities. $6.500 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 current year ended December 31 using the indirect method (Amounts to be deducted should be indicated with a minus sign) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in current assets and current liabilities: Cash Flows from Investing Activities: Cash Flows from Financing Activities 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 Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipetent Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and wages Payable Note Payable (long-term) Common Stock Retained tarnings Total Liabilities and Stockholders Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses Net Income 5 33.530 34,0 48,400 116.500 29.400) $195.450 535,400 1,30 35,00 36,00 M5.00 5195,400 $ 28,550 27,700 27,700 97, 20.2003 5166,25 $ 26,00 1.550 43.000 72.300 24700 $166.250 $117.000 6,50 36.600 $ 11,00 Additional Dato: a Bought equipment for cash $19.500 b. Paid $5.700 on the long-term note payable c Issued new shares of stock for $14.500 cash d. No dividends were declared or paid e. Other expenses included depreciation 54700 salaries and wage 519.700 a $5.700. sausoo Accounts Payable includes only inventory purchases made on credit because there were other expenses, assume that these expenses were ad inca Additional Data: a. Bought equipment for cash, $19,500. b. Paid $5,700 on the long-term note payable, c.Issued new shares of stock for $14,500 cash d. No dividends were declared or paid. e Other expenses included depreciation, $4700, salaries and wages, $19.700; taxes, $5.700; utilities, $6,500 f Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes on other expenses, assume that these expenses were fully paid in cash, Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities Adjustments to Reconcile Net Income to Not Cash Provided by Operating Activities Changes in current assets and current liable be indicated with a minus sign.) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in current assets and current liabilities: es Cash Flows from Investing Activities: Cash Flows from Financing Activities