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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: Additionol Data: a. Bought equipment for cash, $23,500. b. Paid $6.500 on the long-term notes payable. c. Issued new shares of stock for $18,500cash. d. No dividends were declared or paid. e. Other expenses inciuded depreciation, $5,500, salaries and woges, $20.500, taxes, $6,500; utilities, $7,300, 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. Required: 1. Preoare the statement of cash flows for the current vear ended December 31 usino the indirect method. (Amounts to be deducted 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 \begin{tabular}{|c|} \hline Decrease in Salaries and Wages payable \\ \hline Net Cash Provided by Operating Activities \\ \hline Cesh Flows trom Invesing Activies: \\ \hline \end{tabular} Cash Flows from Investing Activities: Cash Payments to Purchase Equipment \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Net Cash Used in Investing Activities } & & \\ \hline Cash Flows from Financing Activities: & & \\ \hline Cash payments on Notes Payable (long-term) & & \\ \hline Cash Receipts from Issuing Stock & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}