Account Current year Prior year Cash $25,000 $15,900 Accounts receivable, net $45,000 $23,200 Inventory $37,000 $25,000 Prepaid expenses $2,000 $1,500 Total current assets $109,000 $65,600 Total long-term assets $62,000 $38,000 Total current liabilities $52,500 $41,600 Total long-term liabilities $20,000 $22,700 Common stock, no par, 3,000 shares, value $30,000 $30,000 $50/share Net sales (all credit) $520,125 $499,500 Cost of goods sold $375,960 $353,600 Gross profit $144,165 $145,900 Income from Operations $95,500- $79,900 Interest expense $23,000 $19,500 Net income $57,600 $51,600