BGP Electrical Supply is developing its annual financial statements at December 31, current year. 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 Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Additional Data: a. Bought equipment for cash, $21,600. b. Paid $2,600 on the long-term note payable. c. Issued new shares of stock for $17,300 cash. d. No dividends were declared or paid. Current Year Prior Year $ 37,800 33,700 46,000 122,800 (31,700) $ 208,600 $ 37,700 2,000 45,700 90,800 32,400 $ 208,600 $ 127,000 77,000 38,500 $ 11,500 $ 30,500 29,500 38,800 101,200 (25,900) $ 174,100 $ 29,000 2,400 48,300 73,500 20,900 $ 174,100 e. Other expenses included depreciation, $5,800; wages, $20,800; taxes, $6,000; other, $5,90 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. Droparn the statement of cash flows for the year ended December 31, current year, using the indirect method.
BGP Electrical Supply is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Additional Data: a. Bought equipment for cash, $21,600. b. Paid $2,600 on the long-term note payable. c. Issued new shares of stock for $17,300 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $5,800; wages, $20,800; taxes, $6,000; other, $5,904 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 year ended December 31 , current year, using the indirect method. Note: List cash outflows as negative amounts 
