/25 View Policies Current Attempt in Progress Stephanie Ram Corporation's Income Statement for the year ended March 31, 2016, and its Comparative Balance Sheets as of March 31, 2016 and 2015 are as follows: Stephanie Ram Corporation Income Statement For the Year Ended March 31, 2016 Sales $1.927,500 1.436,300 $491,200 $125,200 47,200 Cost of goods sold Gross margin Operating expenses Salaries expense Depreciation expense All other operating expense Total operating expense Income from operations Other income esperest Gain on sale of equipment 274,200 446,600 44,600 $6.000 Interest expense (23.200) (17.2003 Income before income taxes $27.400 4.000 Income taxes expense Income taxes expense 4,000 Net income $23,400 Stephanie Ram Corporation Comparative Balance Sheets March 31, 2016 and 2015 2016 2015 Assets Cash $193,400 $55,000 Accounts receivable (net) Merchandise inventory 160,000 194.000 346,000 Prepaid rent 5.000 456,000 3.000 146,000 151,000 Equipment Accumulated depreciation, equipment (39.000) (20,000) Total Asset $816,400 $834,000 Liabilities and Stockholders' Equity Accounts payable $201.500 $259,500 6,000 4,000 Income taxes payable Notes payable (long-term) Bonds payable 46,000 24,000 92,000 200,000 Common stock. $10 par value 194,000 150.000 Question 1 of 1