Statement of Cash Flows (Indirect Method) The Wolff Companys income statement and comparative balance sheets at December 31 of 2016 and 2015 are shown below WOLFF COMPANY Income Statement For the Year Ended December 31, 2016 Sales Revenue Cost of Goods Sold $430,000 Wages Expense Insurance Expense12,000 Depreciation Expense 13,000 Interest Expense Income Tax Expense 29,000 582,000 Net Income 645,000 86,000 2,000 563,000