A comparative balance sheet and income statement is shown for Cruz, Incorporated CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets bok Cash Accounts receivable, net Inventory Prepaid expenses int Total current assets Furniture Total assets Print erences Accumulated depreciation-Furniture 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 Sales Cost of goods sold CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2020 2020 2019 $ 94,800 41,000 $ 24,000 51,000 85,800 95,800 5,400 4,200 227,000 175,000 119,000 109,000 (17,000) $ 319,000 $ 15,000 9,000 (9,000) $ 285,000 $ 21,000 5,000 1,400 2,600 25,400 28,600 29,000 69,000 54,400 97,600 229,000 179,000 35,600 8,400 $ 319,000 $ 285,000 $ 488,000 314,000 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 174,000 89,100 37,600 47,300 17,300 $ 30,000