Question: Its all one question. Please read everything carefully before answering. Will thumbs up correct answers! XS Supply Company is developing its annual financial statements at

Its all one question. Please read everything carefully before answering. Will thumbs up correct answers!
Its all one question. Please read everything carefully before answering. Will thumbs
up correct answers! XS Supply Company is developing its annual financial statements
at December 31. The statements are complete except for the statement of

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. Current Year Previous Year Balance Sheet at December 31 Cash $ 35,230 $ 30,300 Accounts Receivable 28,700 Inventory 36,400 42,400 38,700 Equipment 107,000 Accumulated Depreciation-Equipment 131,500 (31,400) (25,700) Total Assets $ 214,130 $179,000. Accounts Payable $ 37,400 $ 27,700 Salaries and Hages Payable 1,020 44,300 Notes Payable (long-term) Common Stock 1,300 51,000 73,300 92,000 Retained Earnings 38,600 25,708 Total Liabilities and Stockholderst Equity $ 214,138 $ 179,000 Incone Statement Service Revenue $ 127,000 Cost of Goods, Sold 73.500 40,600 Other Expenses $ 12,900 Net Income Additional Data: a Bought equipment for cash, $24.500. b Paid $6,700 on the long-term notes payable. c Issued new shares of stock for $19,500 cash. d No dividends were declared or paid. e. Other expenses included depreciation, $5,700: salaries and wages, $20,700, taxes. $6.700, utilities, $7,500 LAccounts 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.) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities: Cash Flows from Financing Activities

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