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please help! Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement follow, along with
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Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement follow, along with additional information Current Year Previous Year $ 6,140 820 Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation Equipment Total Assets Accounts Payable Salaries and hages Payable Notes Payable long-term) Common Stock Retained Earnings Total Liabilities and Stockholders Ecuity Incose Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense Met Income 4,620 (1,340) $ 10, 240 $530 580 1,700 4,200 2160 5 10,240 $ 3,680 1,590 4,200 (1.170) $ 8,300 5 1,000 750 SOS 4,200 1,850 5 1.300 341,100 38,00 170 1.000 $ 1,330 Additional Data: Bought now hockey equipment for cash $420 b Borrowed $1.200 cash from the bank during the year Accounts Payable includes only purchases of Services made on credit for operating purposes Because there are no liability accounts relating to income tax assume that this expense was fully paid in cash HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from investing Activities Cash Flows from Financing Activities Step by Step Solution
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