- Xs Supply Company Is Developing Its Annual Financial Statements At December 31 The Statements Are Complete Except For T 1 (45.64 KiB) Viewed 11 times
- Xs Supply Company Is Developing Its Annual Financial Statements At December 31 The Statements Are Complete Except For T 2 (26.54 KiB) Viewed 11 times
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: Balance Sheet at December 31 Cash Accounts Receivable. Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable. Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income
Statement Service Revenue Cost of Goods Sold Other Expenses Net Income Additional Data: a. Bought equipment for cash, $26,000. b. Paid $7,000 on the long-term notes payable. c. Issued new shares of stock for $21,000 cash. d. No dividends were declared or paid. Current Year $ 35,650 37,000 43,000 136,000 (32,000) $ 219,650 $ 38,000 850 47,000 94,600 39, 200 $ 219,650 $ 130,000 75,000 41,800 $ 13, 200 Previous Year $ 30,750 29,000 39,000 110,000 (26,000) $ 182,750 $ 28,000 1,150 54,000 73,600 26,000 $ 182,750 e. Other expenses included depreciation, $6,000; salaries and wages, $21,000; taxes, $7,000; utilities, $7,800. f. 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.) 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: $ 0 0 0 0 0