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: :54 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, $22,500. b. Paid $6,300 on the long-term notes payable. c. Issued new shares of stock for $17,500 cash. d. No dividends were declared or paid. Current Year Previous Year $ 34,720 35,600 41,600 125,500 $ 29,750 28,300 38,300 103,000 (25,300) $36,600 (30,600) $ 206,820 $174,050 $27,300 1,320 1,550 40,700 90,400 37,800 25,300. $174,050 $ 206,820 $123,000 71,500 39,000 $12,500 47,000 72,900 e. Other expenses included depreciation, $5,300; salaries and wages, $20,300; taxes, $6,300; utilities, $7,100 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.