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C Question 2 XS Supply Company is developing its annual financial statements at...

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Accounting

C Question 2

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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: Additional Data: a. Bought equipment for cash, $23,500. b. Paid $6,500 on the long-term notes payable. c. Issued new shares of stock for $18,500 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $5,500; salaries and wages, $20,500; taxes, $6,500; utilities, $7,300. 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 current year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

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