Balance Sheet 2019 2018 Cash $8,000 AR Inventory 3,000 14,000 17,500 $42,500 $4,000 5,000 12,000 14,000 $35,000 Fixed Assets Total Assets AP $14,000 4,500 8,500 $8,000 5,500 Other Current Liabilities 9,500 Long-term Liabilities Common Stock 2,000 2,000 13,500 10,000 Retained Earnings Total Liabilities & Equity $42,500 $35,000 Income Statement 2019 Sales $80,000 COGS 62,000 Gross Profit 18,000 Operating Expenses 12,000 Operating Income 6.000 Other Income/Expenses (2.000) Net Income $4,000 Problem 5-2 For 2019 the dividends paid were: OO 0 4,000 O 500 3,500