XS Supply Company is developing its annual financial statements at December 31. The...
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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 35,090 S 30,150 28,600 38,600 106,000 Accounts Receivable 36,200 42,200 130,000 31,200 Equipment Accumulated Depreciation-Equipment (25,600) Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings S212,290 S 177,750 S 37,200 S 27,600 1,350 50,000 73,200 43,400 92,200 38 40025,600 S212,290 S 177,750 Income Statement S 126,000 S 73,000 Sales Revenue Cost of Goods Sold Other Expenses Net Income S 12,800 Additional Data: a. Bought equipment for cash, $24,000 b. Paid $6,600 on the long-term note payable C. Issued new shares of stock for $19,000 cash. d. No dividends were declared or paid e. Other expenses included depreciation, $5,600, Salaries and wages, $20,600, taxes, $6,600, uilities, $7,400 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
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