Balance Sheet Income Statement Assets Cash Accounts Receivable, Net 2020 2019 Sales Revenue $ 230,000 St St $ 62,000 $ 48,000 Cost of Goods Sold $ (135,000) $ 26,000 $ 23,000 Wages Expense $ (18,000) Inventory $ 22,000 $ 32,000 Rent Expense $ (10,000) Prepaid Rent $ 40,000 $ 20,000 Bad Debt Expense $ (2,000) Equipment, Net $ 72,000 $ 80,000 R&D Expense $ (20,000) Land $ 30,000 $ 40,000 Depreciation Expense $ (8,000) Total Assets $ 252,000 $ 243,000 Interest Expense $ (4,000) Gain on Sale of Land $ 3,000 Liabilities and Equity 2020 2019 Income Tax Expense $ (5,000) Accounts Payable $ 28,000 $ 24,000 Net Income $ 31,000 Wages Payable $ 23,000 $ 17,000 Income Tax Payable $ 1,000 $ 8,000 Long-Term Debt $ 38,000 $ 38,000 Contributed Capital $ 120,000 $ 120,000 Retained Earnings $ 42,000 $ 36,000 Total Liabilities and Equity $ 252,000 $ 243,000