XS Supply Company is developing its annual financial statements at December 31, 2017. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and Income statement are summarized: 2017 2016 Balance Sheet at December 31 Cash Accounts Receivable Merchandise Inventory Property and Equipment Less: Accumulated Depreciation $ 41,245 38,150 51,550 125, 250 (37,500) $ 30,700 29,5ee 44,400 116, eee (29, eee) $218,695 $191,600 Accounts Payable Wages Payable Note Payable, Long-Term Contributed Capital Retained Earnings $ 47,000 1, 375 41, wee 101,700 27,620 $ 34,200 1,9ee 53,500 76,600 25,400 $218,695 $191,6ee Income Statement for 2017 Sales Cost of Goods Sold Other Expenses $126,00 73,080 50,700 Net Income $ 2,220 Additional Data: a. Bought equipment for cash, $9,250. b. Pald $12,500 on the long-term note payable. C. Issued new shares for $25,100 cash. d. No dividends were declared or pald. e Other expenses Included depreciation, $8,500; wages, $25,500; taxes, $7,550; other, $9,150. 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 year ended December 31, 2017, using the Indirect method. (Amounts to be deducted should be indicated by a minus slgn.) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Cash flows from investing activities: Cash flows from financing activities: Net increase in cash during the year Cash balance, January 1, 2017 Cash balance. December 31, 2017