A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 2020 $ 91,100 39,100 81,800 $ 22,900 48,600 91,300 5,200 4,100 217,200 166,900 105,000 (16,200) $ 306,000 $ 14,400 8,600 $ 274,400 116,200 (8,700) $ 20,200 4,500 Income taxes payable 1,400 2,500 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 24,400 27,200 28,900 66,400 53,300 93,600 216,400 172,100 36,300 8,700 Total liabilities and equity $ 306,000 $ 274,400 CRUZ, INCORPORATED Income Statement Sales For Year Ended December 31, 2021 $ 469,700 302,300 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 167,400 85,900 36,200 45,300 14,500 $ 28,800