Question: With the given data, fill in the answer. Thanks! Additional Data: a. Bought new hockey equipment for cash, $500. b. Borrowed $1,200 cash from the

Additional Data: a. Bought new hockey equipment for cash, $500. b. Borrowed $1,200 cash from the bank during the year. c. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash. Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. 2. Use the statement of cash flows to evaluate the company's cash flows. 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: Accounts Receivable Accounts Payable Salaries and Wages Payable Net cash provided by operating activities Cash Flows from Investing Activities: Purchase of New Hockey Equipment Net cash used in investing activities Cash Flows from Financing Activities: Borrowed Cash from the bank Net cash provided by financing activities Net increase in Cash and Cash Equivalents Cash, beginning of year Cash, end of year
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