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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: 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) Common Stock Retained Earnings Total Liabilities and Stockholders! Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses Net Income $ 35,650 37,000 43,000 136,000 (32,800 5219,650 $ 30,000 850 47,000 94.600 39. 200 5219,650 $ 30,750 29,800 39,000 110,000 (26,000) $182,750 $ 28,000 1,150 54,000 73,689 26,000 5182,750 $130,000 75,800 41,800 $ 13,200 Additional Data: a. Bought equipment for cash, $26.000 b. Paid $7,000 on the long-term note payable. c. Issued new shares of stock for $21,000 cash d. No dividends were declared or paid. e Other expenses included depreciation, $6,000; salaries and wages, 521000, taxes, $7,000, utilities, $7,800. 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 b should be Indicated with a minus sign.) XS SUPPLY COMPANY Statement of Cash Flows 53 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: 5 13,200 0 13.200 Cash Flows from Investing Activities: 0 Cash Flows from Financing Activities 0