Sharp Screen Films, Inc., is developing its annual financial statements at December 31, the 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:
Current Year ($) Prior Year ($)
Balance sheet at December 31 Cash 73,250 63,500
Accounts receivable 15,250 21,350
Merchandise inventory 23,450 18,000
Property and equipment 209,250 160,350
Less: Accumulated depreciation (57,450) (45,750)
263,750 217,450
Accounts payable 16,500 19,000
Wages payable 2,000 2,700
Note payable, long-term 56,300 71,000
Common stock and additional paid-in capital 103,950 65,900
Retained earnings 85,000 58,850
263,750 217,450