Question: Please help complete this question. HA12-3 Preparing a statement of Cash Fows (Indirect Method) LO 12-2, LO 12-3, LO 12-4, LO 12-9 S Supply Company
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HA12-3 Preparing a statement of Cash Fows (Indirect Method) LO 12-2, LO 12-3, LO 12-4, LO 12-9 S Supply Company is developing its annual financial statements at December 31, 2013. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized 2013 2012 Balance Sheet at December 31 32,000 27,000 Cash Accounts Rece livable 33,200 27.100 Merchandise Inventory 39,200 37.100 Property and Equipment 107,500 91,000 Less: Accumulated Depreciation (28.200 (24.100) $183,790 $158,100 34,200 26,100 Accounts Payable Wages Payable 1.090 1.200 20,000 35,000 Note Payable, Long-Term Contributed Capital 83,200 71.700 35.400 Retained Earnings 24.100 $183,790 $158,100 Income Statement for 2013 Sales $111,000 65,500 Cost of Goods Sold 34,200 Other Expenses Net Income 11,300 Additional Data: a. Bought equipment for cash, $16,500. b. Paid 55,100 on the long-term note payable. ssued new shares of stock for S11,500 cash d. No dividends were declared or paid e. Other expenses included depreciation, $4.100: wages, $10,100; taxes, $5,100; other, $5,000. f. Accounts Payable includes on inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid cash Required 1. Prepare the statement of cash flows for the year ended December 31, 2013, using the indirect method. (List cash outflows as negative amounts.) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31, 2013 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
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