Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Save & Exit Submit Current Year Prior Year $ 37,800 33,700 46,000 $ 30,500 29,500 38,800 122,800 101,200 (31,700) (25,900) $208,600 $174,100 $ 37,700 $ 29,000 2,000 2,400 45,700 48,300 90,800 73,500 32,400 20,900 $208,600 $174,100 $127,000 77,000 38,500 $ 11,500 Additional Data: a. Bought equipment for cash, $21,600. b. Paid $2,600 on the long-term note payable. c. Issued new shares of stock for $17,300 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $5,800; wages, $20,800; taxes, $6,000; other, $5,900. 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, current year, using the indirect method. (List cash outflows < Prev 22 of 22 Next