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 $ 46, 720 38,000 46, 350 132,500 (31,700) $ 37,200 30, 100 38,800 102,000 (25,500) $231, 870 $182, 600 Accounts Payable Wages Payable Note Payable, Long-Term Contributed Capital Retained Earnings $ 45, 450 3,260 38, 700 96, 250 48,210 $ 34, 600 3, 600 47, 800 73, 100 23,500 $231, 870 $182, 600 Income Statement for 2017 Sales Cost of Goods Sold Other Expenses $168,000 97, 440 45, 850 Net Income $ 24, 710 Additional Data: a. Bought equipment for cash, $30,500, b. Pald $9,100 on the long-term note payable. c. Issued new shares for $23,150 cash. d. No dividends were declared or pald. e. Other expenses included depreciation, $6,200; wages, $23,500; taxes, $7,250; other, $8,900. 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: Net income Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $ 24,7101 0 24,710 Cash flows from investing activities: 0 Cash flows from financing activities: 0 Net increase in cash during the year Cash balance, January 1, 2017 Cash balance, December 31, 2017 $ 0