ent of Cash Flows Indirect Method) statem mpany's income statement and comparative balance sheets follow. LO2, WOLFF COMPANY Income Statement For Year Ended December 31, 2017 Sales. Cost of goods sold Wages expense .. Insurance expense Depreciation expense nterest expense. . $635,000 $430,000 86,000 8,000 17,000 9,000 29,000 579,000 $56,000 WOLFF COMPANY Balance Sheet Dec. 31, 2017 Dec. 31, 2016 Assets Cash... $11,000 41,000 90,000 5,000 250,000 $ 5,000 32,000 60,000 7,000 195,000 PPE Accumulated depreciation (68,000) (51,000) $248,000 $329,000