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 Current Year Previous Year $ 35,370 36,600 $ 30,450 28,800 42,600 133,000 (31,600) $ 215,970 $ 37,600 970 45,200 93,400 38,800 38,800 108,000 (25,800) $ 180,250 $ 27,800 1,250 52,000 73,400 25,800 Total Liabilities and Stockholders' Equity $ 215,970 $ 180,250 Service Revenue Income Statement Cost of Goods Sold Other Expenses Net Income $ 128,000 74,000 41,000 $13,000 Additional Data: a. Bought equipment for cash, $25,000. b. Paid $6,800 on the long-term notes payable. c. Issued new shares of stock for $20,000 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $5,800; salaries and wages, $20,800; taxes, $6,800; utilities, $7,600. 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.