XS Supply Company is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below: Additional data: a. Bought equipment for cash, $31,000. Sold equipment with original cost of $10,000, accumulated depreciation of $7,000, for $4,000 cash. b. Paid $6,000 on the long-term note payable. c. Issued new shares of stock for $16,000 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $12,000; wages, $13,000; taxes, $6,000; and other, $7,800. 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. Required: 1. Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. Note: List cash outflows as negative amounts
Other questions asked by students
Which health insurance gives you a list of doctors to choose from but still gives...
3 What s the mass in grams of 0 442 moles of calcium bromide CaBr...
4-5 : Aspen Ski Resorts has 100 employees, each working 40 hours per week and...
310.9 Tawana owns and operates a sole proprietorship and has a 37 percent marginal tax...
If the December 1 balance in the Direct Materials Inventory account was $38,000, the December...
List five common barriers to communication in financial departments
I am not paying you anything outside of my subscription plan. Stop trying to extort...