Balance Sheet Cash Accounts Receivable, Net Inventory Prepaid Insurance Total Current Assets Property and Equipment, Net Total Assets Current Liabilities Long-term Liabilities Total Liabilities + 2022 2021 $185,000 $143,000 80,000 59,000 104,000 134,000 11,900 5,880 380,900 341,880 514,500 407,000 $895,400 $748,880 $85,300 $96,800 284,000 224,000 Contributed Capital Retained Earnings Total Stockholders' Equity 369,300 320,800 299,000 299,000 227,100 129,080 526,100 428,080 Total Liabilities and Stockholders' Equity Income Statement Net Sales (all on account) Cost of Goods Sold $895,400 $748,880 $3,031,000 1,949,000 Gross Profit 1,082,000 Operating Expenses 891,400 Income from Operations 190,600 Interest Expense 14,500 Income before Income Tax Expense 176,100 Income Tax Expense 47,000 Net Income $129,100