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Business, 29.07.2020 22:01 blackbetty79

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 $ 35,370 $ 30,450 Accounts Receivable 36,600 28,800 Inventory 42,600 38,800 Equipment 133,000 108,000 Accumulated Depreciation—Equipment (31,600 ) (25,800 ) Total Assets $ 215,970 $ 180,250 Accounts Payable $ 37,600 $ 27,800 Salaries and Wages Payable 970 1,250 Note Payable (long-term) 45,200 52,000 Common Stock 93,400 73,400 Retained Earnings 38,800 25,800 Total Liabilities and Stockholders’ Equity $ 215,970 $ 180,250 Income Statement Sales Revenue $ 128,000 Cost of Goods Sold 74,000 Other Expenses 41,000 Net Income $ 13,000 Additional Data: Bought equipment for cash, $25,000. Paid $6,800 on the long-term note payable. Issued new shares of stock for $20,000 cash. No dividends were declared or paid. Other expenses included depreciation, $5,800; salaries and wages, $20,800; taxes, $6,800; utilities, $7,600. 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 current year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

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XS Supply Company is developing its annual financial statements at December 31. The statements are c...
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