2018 CRUZ INCH Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 66, 100 Accounts receivable, net 28,500 Inventory 59,700 Prepaid expenses 3,700 Total current assets 158,000 Furniture 74,600 Accum. depreciation--Furniture (11,600) Total assets $221,000 Liabilities and Equity Accounts payable $ 10,400 Wages payable 6,300 Income taxes payable 1,000 Total current liabilities 17,700 Notes payable (long-term) 20,700 Total liabilities 38, 400 Equity Common stock, $5 par value 159,500 Retained earnings 23,100 Total liabilities and equity $221,000 $ 16,600 35,200 66, 100 3,000 120,900 85,000 (6,400) $199,500 $ 14,700 3,500 1,900 20,100 50, 500 70, 600 125,000 3,900 $199,500 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $341,600 Cost of goods sold 219,800 Gross profit 121,800 Operating expenses Depreciation expense $ 26,300 Other expenses 62,400 88,700 Income before taxes 33, 100 Income taxes expense 12,100 Net Income $ 21,000