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: Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Current Year Previous Year $ 32,810 33,800 $ 27,750 27,400 39,800 112,000 37,400 94,000 (28,800) (24,400) $189,610 Accounts Payable $ 34,800 $162,150 $ 26,400 Salaries and Wages Payable 1,210 1,350 Note Payable (long-term) 32,600 38,000 Common Stock 85,000 72,000 Retained Earnings 36,000 24,400 Total Liabilities and Stockholders' Equity $189,610 $162,150 Income Statement Sales Revenue $114,000 Cost of Goods Sold 67,000 Other Expenses Net Income 35,400 $ 11,600 Additional Data: a. Bought equipment for cash, $18,000. b. Paid $5,400 on the long-term note payable. c. Issued new shares of stock for $13,000 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $4,400; salaries and wages, $19,400; taxes, $5,400; utilities, $6,200. 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. 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.) 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 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