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 Current Year Previous Year Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings $ 35,650 37,000 43,000 136,000 (32,000) $ 219,650 $ 38,000 850 47,000 $ 30,750 29,000 39,000 110,000 (26,000) $ 182,750 $ 28,000 1,150 54,000 94,600 73,600 39,200 26,000 Total Liabilities and Stockholders' Equity $ 219,650 $ 182,750 Income Statement Service Revenue Cost of Goods Sold Other Expenses Net Income Additional Data: a. Bought equipment for cash, $26,000. b. Paid $7,000 on the long-term notes payable. c. Issued new shares of stock for $21,000 cash. d. No dividends were declared or paid. $ 130,000 75,000 41,800 $ 13,200 e. Other expenses included depreciation, $6,000; salaries and wages, $21,000; taxes, $7,000; utilities, $7,800. 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.