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 summarized: Balance Sheet at December 31 Cash Accounts Receivable: Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages 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 Current Year Previous Year $ 35,230 $ 30,300 36,400 28,700 42,400 38,700 131,500 107,000 (31,400) (25,700) $214,130 $179,000 $ 37,400 $27,700 1,030 1,300 44,300 51,000 92,800 73,300 38,600 25,700 $214,130 $179,000 $127,000 73,500 40,600 $ 12,900 Additional Data: a. Bought equipment for cash, $24,500. b. Paid $6,700 on the long-term note payable. c. Issued new shares of stock for $19,500 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $5,700; salaries and wages, $20,700; taxes, $6,700; utilities, $7,500. 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 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 Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deducte 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: 0 0 Cash Flows from Investing Activities: Cash Flows from Financing Activities: 0 $ 0