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Required: a. Prepare the statement of cash flows using the indirect method. Include any supplemental disclosures deductions and cash outflows as a negative value.) WICKERSHAM BROTHERS Inc. Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Net Income $ 107,800 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense | 32,200 Changes in current assets and current liabilites: Accounts Receivable (20,000) Inventories 10.000 Accounts Payable (4,000) Salaries and Wages Payable 2,000 $ 128.000 Net Cash Used in Operating Activities Cash Flows from Investing Activities: Additions to Property. Plant, and Equipment $ (110,000) $ (110,000) 'Net Cash Used in Investing Activities Cash Flows from Financing Activities: Payments on long-term debt Proceeds from issuance of Stock Payment of cash dividends $ (20,000) 2 0,000 (34,500) $ Net Cash Provided by Financing Activities Net Decrease in Cash and Cash Equivalents Cash and Cash Equivalents, beginning of period Cash and Cash Equivalents, end of period Supplemental Disclosures: Cash paid for interest Cash paid for income tax (34,500) (16,500) 150,000 133,500 $ (6.000) (26,950) The management team of Wickersham Brothers Inc. is preparing its annual financial statements. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statements are summarized. Current Year Prior Year $133,500 160,000 120,000 230,000 67,200) $ 576,300 $150,000 140,000 130,000 120,000 35,000 $505,000 Balance Sheet Assets Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Total assets Liabilities: Accounts payable Salaries and Wages Payable Notes payable, long-term Stockholders' Equity: Common stock Retained earnings Total liabilities and stockholders' equity Income Statement Sales Cost of goods sold Depreciation expense Other expenses Net income $ 20,000 4.000 100,000 $ 24,000 2.000 120,000 180,000 272,300 $576,300 160,000 199,000 $505,000 $600,000 310,000 32,200 150,000 $107,800 Other information from the company's records includes the following: Bought equipment for cash, $110,000. Paid $20,000 on long-term note payable. Issued new shares of common stock for $20,000 cash. Cash dividends of $34,500 were declared and paid to stockholders Accounts Payable arose from inventory purchases on credit. Income tax expense ($26,950) and interest expense ($6,000) were paid in full at the end of both years and ar included in Other Expenses. Required: a. Prepare the statement of cash flows using the indirect method. Include any supplemental disclosures (Enter any deductions and cash outflows as a negative value.) WICKERSHAM BROTHERS Inc. Statement of Cash Flows