Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense Net Income $ 6,040 870 5,170 (1,440) $10,640 $ 630 530 1,500 4,700 3,280 $10,640 $ 3,980 1,690 4,700 1,220) $ 9,150 $ 1,100 750 500 4,700 2,100 $ 9,150 $40,100 37,600 220 1,100 $ 1,180 Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense Net Income $ 6,040 870 5,170 (1,440) $10,640 $ 630 530 1,500 4,700 3,280 $10,640 $ 3,980 1,690 4,700 1,220) $ 9,150 $ 1,100 750 500 4,700 2,100 $ 9,150 $40,100 37,600 220 1,100 $ 1,180