A comparative balance sneet and income statement is snown for Cruz, inc. CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash Accounts receivable, net $ 62,800 $ 15,700 27,000 33,300 Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 56,600 62,500 3,500 2,900 149,900 114,400 70,500 82,200 (10,900) (6,200) $209,500 $190,400 $ 9,900 $ 14,000 5,900 3,300 Income taxes payable 1,000 1,800 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value 16,800 19,100 20,700 47,800 37,500 66,900 150,000 121,000 Retained earnings 22,000 2,500 Total liabilities and equity $209,500 $190,400 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income $326,000 209,800 116,200 $25,100 59,500 84,600 31,600 11,500 $ 20.100