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 statementare summarized Current year Previous Year Balance sheet at December 31 Cash $ 1,850 $ 20,250 Accounts Receivable 33,000 27,000 Inventory 39,000 37,000 Equipment 106,000 90,000 Accumulated Depreciation Equipment (25.000 124.000 Total Assets 5101,550 $ 156,750 Accounts Payable $ 34,000 5.26,000 Salaries and Wages Payable 1.050 1,150 Notes Payable long-term) 29,000 34,000 Common Stock 32,600 21,600 Retained Earnings 35,200 24,000 Total Liabilities and Stockholders' Equity $ 181,650 $ 156,750 Income Statement Service Revenue $ 110,000 Cost of Goods Sold 65,000 Other Expenses 33,300 Net Income $11,200 Additional Data: a Bought equipment for cash, $16.000, b. Paid $5,000 on the long-term notes payable c Issued new shares of stock for $11,000 cash d. No dividends were declared or pald e Other expenses included depreciation, $4,000, salaries and wages. $19,000, taxes. $5,000, utilities, $5,800 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.) 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