Sporting is Us, Inc. has been providing coaching services for several years. The companys balance sheets for two years and their current income statement follow, along with additional information. Current Year Previous Year Balance Sheet at December 31 Cash $ 6,360 $ 4,120 Accounts Receivable 930 1,810 Equipment 5,830 5,300 Accumulated DepreciationEquipment (1,560 ) (1,280 ) Total Assets $ 11,560 $ 9,950 Accounts Payable $ 470 $ 1,000 Salaries and Wages Payable 470 750 Note Payable (long-term) 1,700 500 Common Stock 5,300 5,300 Retained Earnings 3,620 2,400 Total Liabilities and Stockholders Equity $ 11,560 $ 9,950 Income Statement Service Revenue $ 38,100 Salaries and Wages Expense 35,600 Depreciation Expense 280 Income Tax Expense 1,000 Net Income $ 1,220 Additional Data: Bought new equipment for cash, $530. Borrowed $1,200 cash from the bank during the year. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was 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 be deducted should be indicated with a minus sign.)

Sporting is Us, Inc. has been providing coaching services for several years. The company's balance sheets for two years and their current income statement follow, along with additional information. Current Year Previous Year Balance sheet at December 31 Cash Accounts Receivable 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 Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense Net Income $ 6,360 930 5,830 (1,560) $11,560 $ 470 470 1,700 5,300 3,620 $11,560 $ 4,120 1,810 5,300 (1,280) $ 9,950 $ 1,000 750 500 5,300 2,400 $ 9,950 $38,100 35,600 280 1,000 $ 1,220 Additional Data: a. Bought new equipment for cash, $530. b. Borrowed $1,200 cash from the bank during the year. c Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was 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 be deducted should be indicated with a minus sign.) SPORTING IS US, INC. Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: 0 Canh