2020 2019 Income Statement (In Thousands) Revenues $ k $ 14,250 Cost of goods sold 11,050 a Other expenses 1,270 1,170 Earnings before income taxes 4,500 3,740 1,309 Income taxes (35% tax rate) I $ m $ b Net earnings Statement of Retained Earnings Beginning balance n $ 2,660 Net earnings Dividends (300) (198) $ p $ $ d Ending balance Balance Sheet Acente Assets: Cash $ 9 $ e Capital assets 2,000 1,750 10,753 r Other assets $s $ 14,513 Total assets Liabilities: Current liabilities $t $ 5,690 Notes payable and long-term debt 4,500 3,340 240 Other liabilities 120 $ 9,520 $f Total liabilities Shareholders' Equity: Common shares $ 350 $ 350 u Retained earnings g V 5,243 Total shareholders' equity Total liabilities and shareholders 120 240 Other liabilities Total liabilities $ 9,520 $f Shareholders' Equity: Common shares $ 350 $ 350 u Retained earnings g V 5,243 $ w $ h Total shareholders' equity Total liabilities and shareholders' equity Statement of Cash Flows Net cash provided by operating activities Net cash used in investing activities x $ 1,930 (1,040) (730) (940) (1,000) Net cash used in financing activities Increase (decrease) in cash 410 i Cash at beginning of year 2,020 Cash at end of year $ z $j