APPLEBY COMPANY Comparative Balance Sheet December 31, Assets 2022 2021 Cash $25,000 $40,000 Debt investments 25,000 60,000 Accounts receivable (net) 50,000 30,000 Inventory 140,000 170,000 Property, plant and equipment (net) 195,000 200,000 Total assets $435,000 $500,000 Liabilities and stockholders' equity Accounts payable $25,000 $30,000 Short-term notes payable 45,000 90,000 Bonds payable 95,000 160,000 Common stock 165,000 145,000 Retained earnings 105,000 75,000 Total liabilities and stockholders' equity $435,000 $500,000 APPLEBY COMPANY Income Statement For the Year Ended December 31, 2022 Net sales (all on credit) Cost of goods sold Gross profit Expenses $390,000 184,000 206,000