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Heads Up Company was started several years ago by two hockey instructors. The company's comparative...

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Accounting

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Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and incom statement follow, along with additional information. Additionol Dato: a. Bought new equipment for $1,800 cash and sold existing equipment for $500 cash. The equipment that was sold had cost $1,300 and had Accumulated Depreciation of $250 at the time of sale. b. Borrowed $1,200 cash from the bank during the year. c. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash

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