Balance Sheet at December 31	current year	previous year
Cash	$ 34,000	$ 29,000
Accounts Receivable	35,000	28,000
Inventory	41,000	38,000
Equipment	121,000	100,000
Accumulated DepreciationEquipment	(30,000)	(25,000)
Total Assets	$ 201,000	$ 170,000
Accounts Payable	$ 36,000	$ 27,000
Salaries and Wages Payable	1,200	1,400
Notes Payable (long-term)	38,000	44,000
Common Stock	88,600	72,600
Retained Earnings	37,200	25,000
Total Liabilities and Stockholders Equity	$ 201,000	$ 170,000
Income Statement
Service Revenue	$ 120,000
Cost of Goods Sold	70,000
Other Expenses	37,800
Net Income	$ 12,200

Additional Data:

Bought equipment for cash, $21,000.

Paid $6,000 on the long-term notes payable.

Issued new shares of stock for $16,000 cash.

No dividends were declared or paid.

Other expenses included depreciation, $5,000; salaries and wages, $20,000; taxes, $6,000; utilities, $6,800.

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.

Please complete question and show to calculate net increase in cash during year and cash balnce on jan 1st.

XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities