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12. 12 ACC 230-03 Fall 2017 Syllab Final Exam x 40 N Paralyzed (Audio) + ezto.mheducation.com/hm.tpx < Question 12 (of 12) Le Save & Ext Suba Time remaining: 02109 Shallow Waters Company was started several years ago by two diving instructors. The company's comparative balance sheets and income statement are presented below, along with additional information Balance Sheet at December 31 Cash Accounts receivable Prepaid expenses Equipment Wages payable Contributed capital Retained earnings Income Statement for Current Year Lessons revenue Wages expense Other expenses Net income Current Year Prior Year $ 3,800 1,100 $ 4,300 700 130 170 500 0 $ 5,530 $5,170 $ 560 $1,100 1,700 1,200 3,270 2.870 $5,530 $5.170 $37,450 33,000 4.050 $ 400 Additional Data a Prepaid expenses relate to rent paid in advance Other expenses were paid in cash 11:37 PM 12/12/2017