Chart 1 Beginning accounts receivable: $75,000 $92,000 Ending accounts receivable $125,000 $123,000 Net credit sales $324,000 $401,000 Chart 2 Balance Sheet Year 1 Income Statement Year 1 Balance Sheet Year 2 Income Statement Year 2 Beginning Inventory $29,000 $10,826 Purchases Goods Available for Sale Ending Inventory $10,000 $10,826 $7,435 $39,000 $18,261 $5,980 Cost of Goods Sold $12,281 $10,826