XS Supply Company is developing its annual financial statements at December 31, 2013. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: 2012 2013 Balance Sheet at December 31 Cash 33,300 28,250 Accounts Receivable 34,000 27,500 Merchandise Inventory 40,000 37,500 Property and Equipment 113,500 95,000 Less: Accumulated Depreciation (29,000) (24,500) $191,800 $163,750 Accounts Payable 35,000 26,500 Wages Payable 1,500 1,650 Note Payable, Long-Term 33,500 39,000 Contributed Capital 85,600 72,100 24,500 Retained Earnings 36,200 $191,800 $163,750 Income Statement for 2013 Sales $115,000 Cost of Goods Sold 67,500 Other Expenses 35,800 Net Income 11,700 Additional Data a. Bought equipment for cash, $18,500. b. Paid on the long-term note payable. c. Issued new shares of stock for $13,500 cash. d. No dividends were declared or paid e. Other expenses included depreciation, $4,500; wages, $19,500; taxes, $5,500; other, $6,300 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