Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows:

CurrentYearPriorYearBalance sheet at December 31Cash$73,250$63,500Accounts receivable15,25021,350Merchandise inventory23,45018,000Property and equipment209,250160,350Less: Accumulated depreciation(57,450)(45,750)$263,750$217,450Accounts payable$16,500$19,000Wages payable2,0002,700Note payable, long-term56,30071,000Common stock and additional paid-in capital103,95065,900Retained earnings85,00058,850$263,750$217,450Income statement for currentyearSales$205,000Cost of goods sold123,500Depreciation expense11,700Other expenses43,000Net income$26,800

Additional Data:

1. Bought equipment for cash, $48,900.
2. Paid $14,700 on the long-term note payable.
3. Issued new shares of stock for $38,050 cash.
4. Dividends of $650 were declared and paid.
5. Other expenses all relate to wages.
6. Accounts payable includes only inventory purchases made on credit.