help

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: Additional Data: a. Bought equipment for cash, $20,500. b. Paid $5,900 on the long-term notes payable. c. Issued new shares of stock for $15,500 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, \$4,900; salaries and wages, $19,900; taxes, $5,900; utilities, $6,700. f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume 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. Note: Amounts to be deducted should be indicated with a minus sign