Current Year Previous Year 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) Connon Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses Net Income $ 31,850 33,882 39,000 186,888 (28,888 $181,85 $ 34,000 1,85e 29,880 82,689 35,280 $181,850 $ 26,750 27,000 37,880 99,888 (24,680) $156,750 $ 26,888 1.150 34,000 71,600 24,888 $156,750 $110,000 65,000 33,888 $ 11,200 Additional Data: a. Bought equipment for cash. $16,000. b. Pald $5,000 on the long-term note payable. c. Issued new shares of stock for $11,000 cash. d. No dividends were declared or pald. e Other expenses Included depreciation. $4.000: salaries and wages. $19.000; taxes. $5.000; utilities. $5.800. 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 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 Changes in current assets and current liabilities: Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable Decrease in Salaries and Wages Payable 0 0 Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Cash Payments to Purchase Equipment 0 Cash Flows from Financing Activities: Cash Payments on Notes Payable long-term) Cash Receipts from Issuing Stock 0 Net Cash Provided by Financing Activities Net Increase in Cash during the Year Cash Balance, January 1 Cash Balance, December 31 $ 0