A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC Comparative Balance Sheets December 31, 2016 2016 2015 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture $ 94,800 24,000 51,000 95,800 4,200 175,000 119,000 9,000 319,000 285,000 41,000 85,800 5,400 227,000 109,000 17,000 Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 15,000 9,000 1,400 25,400 29,000 54,400 21,000 5,000 2,600 28,600 69,000 97,600 179,000 8,400 319,000 S 285,000 229,000 35,600 CRUZ, INC Income Statement For Year Ended December 31, 2016 Sales Cost of goods sold Gross profit Operating expenses $ 488,000 314,000 174,000 Depreciation expense $ 37,600 Other expenses Income before taxes Income taxes expense Net income 89,100 126,700 47,300 17,300 $ 30,000