Please do not give solution in image format ? The management team of Wickersham Brothers Incorporated is preparing its annual financial statements. The statements arecomplete except for the statement of cash flows. The completed comparative balance sheets and income statements are summarized.Current YearPrior YearBalance SheetAssetsCashAccounts ReceivableInventoryProperty and EquipmentLess: Accumulated DepreciationTotal assetsLiabilities:Accounts PayableSalaries and Wages Payable.Notes Payable, Long-TermStockholders' Equity:Common StockRetained EarningsTotal Liabilities and Stockholders'equityIncome StatementSalesCost of Goods SoldDepreciation ExpenseOther ExpensesNet Income$ 70,500100,00075,000140,000(39,600)$ 345,900$ 12,5002,50062,500120,000148,400$ 345,900$ 300,000160,00019,60075,000$ 45,400$ 91,50087,50081,25075,000(20,000)$ 315,250$15,0001,25075,000100,000124,000$ 315,250Other information from the company's records includes the following:Bought equipment for cash, $65,000.Paid $12,500 on long-term note payable.• Issued new shares of common stock for $20,000 cash.• Cash dividends of $21,000 were declared and paid to stockholders.• Accounts Payable arose from inventory purchases on credit.• Income tax expense ($11,350) and interest expense ($3,750) were paid in full at the end of both years and are included in OtherExpenses.Required:a. Prepare the statement of cash flows using the indirect method. Include any supplemental disclosures. (Enter any deductions andcash outflows as a negative value.) WICKERSHAM BROTHERS INCORPORATEDStatement of Cash FlowsFor the Year Ended December 31Cash 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:Cash and Cash Equivalents, beginning of periodCash and Cash Equivalents, end of periodSupplemental Disclosures:S$$$0000

Operating Activities - Under this activity all the company operation-related activities like sales,…

Bought equipment for cash, $65,000. Paid $12,500 on long-term note payable. Issued new shares of common stock for $20,000 cash. Cash dividends of $21,000 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit. • Income tax expense ($11,350) and interest expense ($3,750) were paid in full at the end of both years and are included in Other Expenses.

Bought equipment for cash, $65,000. Paid $12,500 on long-term note payable. Issued new shares of common stock for $20,000 cash. Cash dividends of $21,000 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit. • Income tax expense ($11,350) and interest expense ($3,750) were paid in full at the end of both years and are included in Other Expenses.

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 9.9E

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