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 Previous Year $ 33,720 34,600 40,600 118,000 (29,600) $ 197,320 $ 28,700 27,800 37,800 98,000 (24,800) $ 167,500 Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses Net Income $ 35,600 1,320 36,200 87,400 36,800 $ 197,320 $ 26,800 1,500 42,000 72,400 24,800 $ 167,500 $ 118,000 69,000 37,000 $ 12,000