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 $ 35,090 36,200 $ 30,150 28,600 42,200 130,000 (31,200) $ 212,290 $ 37,200 1,090 38,600 106,000 (25,600) $ 177,750 $ 27,600 1,350 43,400 50,000 92,200 73,200 38,400 25,600 Total Liabilities and Stockholders' Equity $ 212,290 $ 177,750 Income Statement Service Revenue Cost of Goods Sold Other Expenses Net Income Additional Data: a. Bought equipment for cash, $24,000. b. Paid $6,600 on the long-term notes payable. c. Issued new shares of stock for $19,000 cash. d. No dividends were declared or paid. $ 126,000 73,000 40,200 $ 12,800 e. Other expenses included depreciation, $5,600; salaries and wages, $20,600; taxes, $6,600; utilities, $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 cash.