2. The management team of Wickersham Brothers Inc is Ihe statements are complete ecent paring its annual financial statements. balance sheets and income statements are summarized for the statement of cash flows. The its The completed comparative Current Prior Year Year Balance Sheet Assets Cash Accounts Receivable Merchandise Inventory Property And Equipment Less: Accumulated $50,000 $72.000 80 60, 110 70 80.000 05.000) Depreciation Total Assets Liabilities Accounts Payable $10, 2001 Salaries and Wages Payable Notes Payable Long-Term 50000 60.000 Common Stock 80,000 Retained Earnings Total Liabilities and Stockholders Equity Income Statement 270,000 $252.000 Sales Cost of Goods Sold Depreciation Expense Other Expenses Net Income 110 Other information from the company's records includes the following Bought equipment for cash $50,000. Paid $10,000 on long-term note payable . Issued new shares of common stock for $20,000 cash