BGP Electrical Supply 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: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Current Year Prior Year $ 38,700 34,900 $ 31,000 30,500 44,000 124,000 (32,500) $209,100 $ 38,800 39,200 101,600 (26,300) $176,000 $ 29,900 2,600 3,200 46,100 50,500 92,100 74,000 29,500 18,400 $209,100 $176,000 $131,000 81,000 38,900 $ 11,100 Additional Data: a. Bought equipment for cash, $22,400. b. Paid $4,400 on the long-term note payable. c. Issued new shares of stock for $18,100 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $6,200; wages, $20,100; taxes, $6,700; other, $5,900. 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. (List cash outflows as negative amounts.) BGP ELECTRICAL SUPPLY Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Cash flows from investing activities: Cash flows from financing activities: S 11,100 0 11,100 0 0 S 0 Required: 1. Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. (List cash outflows as negative amounts.) BGP ELECTRICAL SUPPLY Statement of Cash Flows For the Year Ended December 31, Current Year 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: 0 0 0 0 $ 0