ces 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 summanzed Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment 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 Cost of Goods Sold other Expenses Net Income Additional Data: a Bought equipment for cash, $18,500. b. Paid $5,500 on the long-term notes payable c. Issued new shares of stock for $13,500 cash. d. No dividends were declared or paid Current Year XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 $ 33,300 34,000 40,000 113,500 (29,000) $ 191,800 Cash Flows from Operating Activities: $ 35,000 1,500 33,500 B5,600 36,200 $ 191,800 $ 115,000 67,500 35,800 $ 11,700 e Other expenses included depreciation, $4,500; salaries and wages, $19,500, taxes, $5,500, utilities, $6,300 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. Previous Year $ 28,250 27,500 37,500 95,000 (24,500) $ 163,750 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.) $ 26,500 1,650 39,000 72,100 24,500 $ 163,750 s osal

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 summanzed Additional Dote: a Bought equipment for cash, $18,500 b. Paid $5.500 on the longterm notes poyable c lssued new shares of stock for $13.500 cash. d. No dividends were deciared or paid. e Other expenses included depreciabon, $4,500, salories and wages, $19,500, toxes, $5,500, utitites, $6,300 t Accounts Payble includes ony inventory purchases made on credit. Because there are no labblity 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 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 summanzed Additional Dote: a. Bought equipment for cash, $18,500 a Paid $5.500 on the longterm notes poyable c lisued new shares of stock for $13.500 cash. d. No dividends were deciared or paid I Accounts Poyable includes only inventory purchases made on credit. Because there are no liability accounts relating to takes or other expenses, assume that these expenses were fuly pad in cash. Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the indrect method. (Amounts to be deducted should be indicated with a minus sign.)