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 $ 32,099 33,200 39,200 107,500 (28,200) $183,790 $ 34,200 1,090 29,900 83,200 35,400 $183,790 $ 27,000 27,100 37,100 91,000 (24,100) $158, 100 $ 26, 100 1,200 35,000 71,700 24,100 $158, 100 $111,000 65,500 34,200 $ 11,300 Prev 1 of 3 !!! Next > to search ORIE come statement Sales Revenue Cost of Goods Sold Other Expenses Net Income $111,000 65,500 34,200 $ 11,300 09.11 Additional Data: ook a. Bought equipment for cash, $16,500 b. Paid $5,100 on the long-term note payable. c Issued new shares of stock for $11,500 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $4,100, salaries and wages. $19.100 taxes. $5,100 utilities, $5.900. 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 be deducted should be indicated with a minus sign.) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Prev 1 of 3 Next > fre to search