XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Service Revenue Cost of Goods Sold Other Expenses Net Income Additional Data: a. Bought equipment for cash, $17,000. b. Paid $5,200 on the long-term notes payable. c. Issued new shares of stock for $12,000 cash. d. No dividends were declared or paid. Current Year Previous Year $ 27,250 27,200 $ 32,330 33,400 39,400 109,000 (28,400) $ 185,730 $ 34,400 1,130 30,800 37,200 92,000 (24,200) $ 159,450 $ 26,200 1,250 36,000 83,800 71,800 35,600 24,200 $ 159,450 $ 185,730 $ 112,000 66,000 34,600 $ 11,400 e. Other expenses included depreciation, $4,200; salaries and wages, $19,200; taxes, $5,200; utilities, $6,000. 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 cash.