Question

XS Supply Company is developing its annual financial statements at December 31, 2017. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized:

2017 2016
  Balance Sheet at December 31
     Cash $ 39,065 $ 34,600
     Accounts Receivable 46,200 36,200
     Merchandise Inventory 49,700 45,100
     Property and Equipment 169,750 130,000
     Less: Accumulated Depreciation (40,200 ) (32,500 )
$ 264,515 $ 213,400
     Accounts Payable $ 47,950 $ 34,300
     Wages Payable 2,435 2,700
     Note Payable, Long−Term 37,000 45,600
     Contributed Capital 97,500 80,100
     Retained Earnings 79,630 50,700
$ 264,515 $ 213,400
  Income Statement for 2017
     Sales $ 201,500
     Cost of Goods Sold 116,870
     Other Expenses 55,700
     Net Income $ 28,930

Additional Data:

  1. Bought equipment for cash, $39,750.
  2. Paid $8,600 on the long-term note payable.
  3. Issued new shares for $17,400 cash.
  4. No dividends were declared or paid.
  5. Other expenses included depreciation, $7,700; wages, $28,100; taxes, $9,900; other, $10,000.
  6. 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.

xs SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities: Net inco

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289301 XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from Operating Activities Ne

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