XS Supply Company is developing its annual financial statements at December 31, 2014. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized 2014 Balance Sheet at December 31 Cash Accounts Receivable Merchandise Inventory Property and Equipment $ 52,570 34,000 29,100 40,700 136,000 Less: Accumulated Depreciation (43,150) (34,000) 39,450 47,600 176,250 $272,720 $205,800 Accounts Payable Wages Payable Note Payable, Long-Term Contributed Capital Retained Earnings $ 41,250 30,300 1,500 51,600 81,600 40,800 1,040 38,500 104,000 87,930 $272,720 $205,800 Income Statement for 2014 Sales Cost of Goods Sold Other Expenses $236,500 137,170 52,200 Net Income $47,130 Additional Data a. Bought equipment for cash, $40,250 b. Paid $13,100 on the long-term note payable c. Issued new shares for $22,400 cash. d. No dividends were declared or paid e. Other expenses included depreciation, $9,150; wages, $23,400; taxes, $9,400; other, $10,250 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