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:$$

Current Year Prior Year

Balance Sheet at December $31$

Cash $ $50,775$ $ $35,600$

Accounts Receivable $48,65037,400$

Merchandise Inventory $53,80046,300$

Property and Equipment $144,150106,000$

Less: Accumulated Depreciation $(34,500)(26,500)$

$ $262,875$ $ $198,800$

Accounts Payable $ $45,200$ $ $31,200$

Wages Payable $1,6852,150$

Note Payable, Long$$Term $37,80046,100$

Contributed Capital $91,55074,100$

Retained Earnings $86,64045,250$

$ $262,875$ $ $198,800$

Income Statement$($Current year$)$

Sales $ $222,000$

Cost of Goods Sold $128,760$

Other Expenses $51,850$

Net Income $ $41,390$

$$

Additional Data:

$*$ Bought equipment for cash, $$38,150.$

$*$ Paid $$8,300$ on the long$-$term note payable.

$*$ Issued new shares for $$17,450$ cash.

$*$ No dividends were declared or paid.

$*$ Other expenses included depreciation, $$8,000$; wages, $$24,500$; taxes, $$9,750$; other, $$9,600.$

$*$ 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.