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lomework6 XS Supply Company is developing its annual financial statements at December 31. The statements are complet statement of cash flows. The completed comparative balance sheets and income statement are summarized: e except for the Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment s33,580 34,400 40,400 116,500 s 28,550 27,700 37,700 97,000 (29,400) (24,700) - Total Assets $195,480 $166,250 Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stocik 35,400 1,380 35,300 86,800 36,600 $ 26,700 1,550 41,000 72,300 24.700 $195,480 Total Liabilities and Stockholders Equity $166,250 Income Statement $117,000 68,500 36,600 Sales Revenue Cost of Goods Sold Other Expenses $ 11,900 Additional Data: a. Bought equipment for cash, $19,500. b. Paid $5,700 on the long-term note payable. c. Issued new shares of stock for $14,500 cash. d. No dividends were declared or paid e. Other expenses included depreciation, $4,700; salaries and wages, $19,700; taxes, $5.700: utilities. $6,500. 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. Next > pter 12 Homework Helg 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.) 3 XS SUPPLY COMPANY Statement of Cash Flows 31 Adjustments to Reconcle Net Income to Net Cash Print Cash F K Prev 3 of 11 E Next 26

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