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XS Supply Company is developing its annual financial statements at December 31, 2013. The statements are complete except for the statement of cash flows. The
XS Supply Company is developing its annual financial statements at December 31, 2013. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized:
2013 2012 Balance Sheet at December 31 35,090 30,150 Cash Accounts Receivable 36,200 28,600 Merchandise Inventory 42,200 38,600 Property and Equipment 130,000 106,000 Less: Accumulated Depreciation (31,200) (25,600) $212,290 $177,750 Accounts Payable 37,200 27,600 Wages Payable 1,090 1,350 43,400 Note Payable, Long-Term 50,000 Contributed Capital 92,200 73,200 38,400 25,600 Retained Earnings $212,290 $177,750 Income Statement for 2013 $126,000 Sales Cost of Goods Sold 73,000 Other Expenses 40,200 12,800 Net Income Additional Data a. Bought equipment for cash, $24,000. b. Paid $6,600 on the long-term note payable c. Issued new shares of stock for $19,000 cash. d. No dividends were declared or paid e. Other expenses included depreciation, $5,600; wages, $20,600; taxes, $6,600; other, $7,400. f. 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 cashStep by Step Solution
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