Comparative Balance Sheet Information June 30 2020 2019 Cash $ 91,360 $ 42,400 Accounts receivable (net) 98,000 74,800 Inventory 80, 180 116,180 Prepaid expenses 6,500 6,260 Equipment 158,000 146,000 Accumulated depreciation 34,000 14,000 Accounts payable 31,600 38,800 Wages payable 8,800 19,600 Income taxes payable 2,900 4,340 Notes payable (long-term) 50,000 86,000 Common shares 278,000 218,000 Retained earnings 28,740 4,900 w Western Environmental Inc. Income Statement For Year Ended June 30, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense $ 70,340 $788,000 479,200 $308,800 Comparative Balance Sheet Information June 30 2020 2019 Cash $ 91,360 $ 42,400 Accounts receivable (net) 98,000 74,800 Inventory 80, 180 116,180 Prepaid expenses 6,500 6,260 Equipment 158,000 146,000 Accumulated depreciation 34,000 14,000 Accounts payable 31,600 38,800 Wages payable 8,800 19,600 Income taxes payable 2,900 4,340 Notes payable (long-term) 50,000 86,000 Common shares 278,000 218,000 Retained earnings 28,740 4,900 w Western Environmental Inc. Income Statement For Year Ended June 30, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense $ 70,340 $788,000 479,200 $308,800