Account Balance Balance Sheet Income Statement Accounts Receivable $ 2,000 Accounts Payable S 3,000 Cash $20,000 Cost of Goods Sold $25,000 Depreciation Expense $5,000 Insurance Expense S 7,000 Inventory $30,000 Notes Payable $110,000 Stockholder's Equity. Prepaid Insurance $12,000 $90,000 Property Plant and Equipment Accumulated Depreciation $10,000 Sales $75,000 Supplies S 500 Supplies Expense S 100 Taxes Expense $10,600 3 Taxes Payable $ 1,500 Wage Expense $ 2,500 Wages Payable S 800 The accounts on the next page are from the general ledger of Uncle Si Incorporated. Balances shown are as of year-end, December 31, 2020. Identify each account as a balance sheet account or an income statement account by placing an X in the appropriate blank. Calculate the gross profit $ (show your work): Calculate the net income $ (show your work): t THE BIG QUESTION: How much is stockholder's equity? S HINT: Think accounting equation! Assets = Liabilities + Equity (show your work---show ALL of your work)