Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable...

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Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings. Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses Net Income XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation Expense Changes in current assets and current liabilities: Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable Decrease in Salaries and Wages Payable Net Cash Provided by Operating Activities Additional Data: a. Bought equipment for cash, $16,000. b. Pald $5,000 on the long-term note payable. c. Issued new shares of stock for $11,000 cash. d. No dividends were declared or pald. 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! Cash Flows from Investing Activities: Cash Payments to Purchase Equipment Current Year $ 31,850 33,000 39,000 106,000 (28,000) 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.) Cash Flows from Financing Activities: Cash Payments on Notes Payable (long-term) Cash Receipts from Issuing Stock $181,850 Net Cash Provided by Financing Activities Net Increase in Cash during the Year Cash Balance, January 1 Cash Balance, December 31 $ 34,000 1,050 29,000 82,600 35,208 $181,850 $110,000 65,000 33,800 $ 11,200 S 0 0 0 Previous Year $ 26,750 27,000 37,000 90,000 (24,000) 0 $156,758 0 $ 26,000 1,150 34,000 71,600 24,000 $156,750 Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings. Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses Net Income XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation Expense Changes in current assets and current liabilities: Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable Decrease in Salaries and Wages Payable Net Cash Provided by Operating Activities Additional Data: a. Bought equipment for cash, $16,000. b. Pald $5,000 on the long-term note payable. c. Issued new shares of stock for $11,000 cash. d. No dividends were declared or pald. 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! Cash Flows from Investing Activities: Cash Payments to Purchase Equipment Current Year $ 31,850 33,000 39,000 106,000 (28,000) 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.) Cash Flows from Financing Activities: Cash Payments on Notes Payable (long-term) Cash Receipts from Issuing Stock $181,850 Net Cash Provided by Financing Activities Net Increase in Cash during the Year Cash Balance, January 1 Cash Balance, December 31 $ 34,000 1,050 29,000 82,600 35,208 $181,850 $110,000 65,000 33,800 $ 11,200 S 0 0 0 Previous Year $ 26,750 27,000 37,000 90,000 (24,000) 0 $156,758 0 $ 26,000 1,150 34,000 71,600 24,000 $156,750

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XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating A... View the full answer