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 Prior Year Balance Sheet at December 31 Cash Accounts Receivable Merchandise Inventory Property and Equipment Less Accumulated Depreciation $ 39,295 49,950 44,850 122,000 (34,950) $ 37,400 30.300 38,900 112,000 (28,000) 5190,660 $211,345 Accounts Payable Wages Payable Note Payable, Long-Tere Contributed Capital Retained Earnings $ 37,400 2,755 32,300 94,500 44,390 $ 27,300 3,000 47,600 75,600 37.100 $211,345 $190,600 Thcome Statement (Current year) Sales Cost of Goods Sold Other Expenses $122,000 70,76 43,950 Net Incos 57,290 Additional Data a Bought equipment for cash. $10,000 b. Paid $15.300 on the long-term note payable. c issued new shares for $18,900 cash d. No dividends were declared or paid e Other expenses included depreciation, 56,950, wages. $23,300, taxes, 56,150, other, 57,550 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 using the indirect method (Amounts to be deducted should be indicated by 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 0 0 Cash flows from investing activities 0 Cash flows from financing activities: 0 Net increase in cash during the year Cash balance January 1 Cash balance, December 31 0