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 $ 35,230 36,400 42,400 131,500 (31,400) $214.139 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 $ 30,300 28,700 38,700 107,800 (25,789) $179,000 $ 27,790 1,388 51,000 73.300 25,790 $179,000 $ 37,400 1.038 44,300 92,888 38,600 $ 214,139 $127,000 73.50 40.600 12,908 Additional Data: a Bought equipment for cash, $24,500. b. Paid $6.700 on the long-term note payable. c. Issued new shares of stock for $19.500 cash d. No dividends were declared or paid. e. Other expenses included depreciation, $5,700: salaries and wages, $20.700: taxes. $6.700: utilities. $7,500 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 $ 12,900 Statement or cash flows 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: Depreciation Expense $ Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable Decrease in Salaries and Wages payable . . . 5,700 5,700 18,600 Cash Flows from Investing Activities: Cash Flows from Financing Activities