The management team of Wickersham Brothers Incorporated 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. Balance Sheet Assets Cash Accounts Receivable Current Year Prior Year $ 120,900 148,000 $ 138,300 $129,500 120,250 111,000 (32,000) Inventory 111,000 Property and Equipment 212,000 Less: Accumulated Depreciation (61,680) Total assets $530,2201 $ 467,050 Liabilities: Accounts Payable. $18,500 $ 22,200 Salaries and Wages Payable 3,700 92,500 Notes Payable, Long-Tern Stockholders' Equity: Common Stock Retained Earnings Total Liabilities and Stockholders' equity Income Statement Sales Cost of Goods Sold Depreciation Expense Other Expenses Net Income 168,000 247,520 $ 530,220 $540,000 280,000 29,680 135,000 $ 95,320 1,850 111,000 148,000 184,000 $ 467,050 Other information from the company's records includes the following: Bought equipment for cash, $101,000. Paid $18,500 on long-term note payable. Issued new shares of common stock for $20,000 cash. Cash dividends of $31,800 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit. Income tax expense ($23,830) and interest expense ($5,550) were paid in full at the end of both years and are 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.) < Prev 23 of 23 Next > 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 INCORPORATED 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: Changes in current assets and current liabilities: Cash Flows from Investing Activities: Cash Flows from Financing Activities: Cash and Cash Equivalents, beginning of period. Cash and Cash Equivalents, end of period Supplemental Disclosures: