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 Balance Sheet at December 31 S 33,440 S 28,400 27,600 37,600 96,000 (29,200) (24,600) Accounts Receivable 34,200 40,200 115,000 Accumulated Depreciation-Equipment S 193,640 165,000 Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Eanings S 35,200 26,600 1,600 40,000 72,200 24,600 1,440 34,400 86,200 400 S 193,640 165,000 Income Statement Sales Revenue Cost of Goods Sold Other Expenses S 116,000 63,000 36,200 Net Income S 11,800 Additional Data: a. Bought equipment for cash, 519,000 b. Paid S5,600 on the long-term note payable. C. Issued new shares of stock for $14,000 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, 54,600; Salaries and wages, $19,600; taxes, S5,600; utilities, 56,400. 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