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
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
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.2AP
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1. Prepare the statement of
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Transcribed Image Text: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
![PA12-3 (Algo) Preparing a Statement of Cash Flows (Indirect Method) [LO 12-2, LO 12-3, LO 12-4, LO 12-
5]
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, $24,000.
b. Paid $6,600 on the long-term notes payable.
c. Issued new shares of stock for $19,000 cash.
Current Year
$ 35,090
36,200
42,200
130,000
(31,200)
$ 212,290
$ 37,200
1,090
43,400
92,200
38,400
$ 212,290
$ 126,000
73,000
40,200
$ 12,800
Previous Year
$ 30,150
28,600
38,600
106,000
(25,600)
$ 177,750
$ 27,600
1,350
50,000
73,200
25,600
$ 177,750
d. No dividends were declared or paid.
e. Other expenses included depreciation, $5,600; salaries and wages, $20,600; taxes, $6,600; utilities, $7,400.
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffd48c2f6-d8ed-44ab-aac4-15122cd7fb3d%2Fef1b347e-9347-4005-8861-647a46f5b035%2Fr530b6s_processed.png&w=3840&q=75)
Transcribed Image Text:PA12-3 (Algo) Preparing a Statement of Cash Flows (Indirect Method) [LO 12-2, LO 12-3, LO 12-4, LO 12-
5]
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, $24,000.
b. Paid $6,600 on the long-term notes payable.
c. Issued new shares of stock for $19,000 cash.
Current Year
$ 35,090
36,200
42,200
130,000
(31,200)
$ 212,290
$ 37,200
1,090
43,400
92,200
38,400
$ 212,290
$ 126,000
73,000
40,200
$ 12,800
Previous Year
$ 30,150
28,600
38,600
106,000
(25,600)
$ 177,750
$ 27,600
1,350
50,000
73,200
25,600
$ 177,750
d. No dividends were declared or paid.
e. Other expenses included depreciation, $5,600; salaries and wages, $20,600; taxes, $6,600; utilities, $7,400.
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.
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