Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribed

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: Previous Year Current Year Balance Sheet at December 31 $ 31,850 $ 26,750 27,000 37,000 90,000 (24,000) Cash Accounts Receivable 33,000 39,000 106,000 (28,000) $181,850 Inventory Equipment Accumulated Depreciation-Equipment $156,750 Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings $26,000 34,000 1,050 1,150 29,000 82,600 35,200 34,000 71,600 24,000 $181,850 $156,750 Total Liabilities and Stockholders' Equity Income Statement $110,000 65,000 Sales Revenue Cost of G0ods Sold Other Expenses 33,800 11,200 Net Income Additional Data: a. Bought equipment for cash, $16,000. b. Paid $5,000 on the long-term note payable. c. Issued new shares of stock for $11,000 cash. d. No dividends were declared or paid e. Other expenses included depreciation, $4,000; salaries and wages, $19,000; taxes, $5,000; utilities, $5,800. 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. 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: Cash Flows from Investing Activities: Cash Flows from Financing Activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions