Required:1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deductedshould be indicated with a minus sign.)XS SUPPLY COMPANYStatement of Cash FlowsFor the Year Ended December 31Cash Flows from Operating Activities:$11,700Adjustments to Reconcile Net Income to Net CashProvided by Operating Activities:11,700Cash Flows from Investing Activities:Cash Flows from Financing Activities:$ XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for thestatement of cash flows. The completed comparative balance sheets and income statement are summarized:Current YearPrevious YearBalance Sheet at December 31$ 34,00035,00041,000121,000Cash$ 29,000Accounts Receivable28,000InventoryEquipmentAccumulated Depreciation-Equipment38,000100,000(25,000)$170,000$ 27,0001,40044,00072,600(30,000)$201,000Total Assets$ 36,000Accounts PayableSalaries and Wages PayableNote Payable (1long-term)1,20038,00088,60037,200Common StockRetained Earnings25,000Total Liabilities and Stockholders' Equity$201,000$170,000Income StatementSales Revenue$120,00070,000Cost of Goods SoldOther Expenses37,800Net Income$ 12,200Additional Data:a. Bought equipment for cash, $21,000.b. Paid $6,000 on the long-term note payable.c. Issued new shares of stock for $16,000 cash.d. No dividends were declared or paid.e. Other expenses included depreciation, $5,000; salaries and wages, $20,000; taxes, $6,000; utilities, $6,800.f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes orother expenses, assume that these expenses were fully paid in cash.

Name: Required:1. Prepare the statement of cash flows for the current year
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Description: Required:1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deductedshould be indicated with a minus sign.)XS SUPPLY COMPANYStatement of Cash FlowsFor the Year Ended December 31Cas

Cash flow statement: It is a statement which reports the cash inflows and outflows of a business…

Business

Accounting

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: 11,700 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: 11,700 Cash Flows from Investing Activities: Cash Flows from Financing Activities:

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: 11,700 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: 11,700 Cash Flows from Investing Activities: Cash Flows from Financing Activities:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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How do I use the indirect method to complete cash flow statement?
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