CONCORD COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $38,000 $20,900 Accounts receivable 33,000 19,300 Inventory 30,800 20,500 Property, plant, and equipment 59,500 77,500 Accumulated depreciation (29,700) (23,400) Total $131,600 $114,800 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,200 $ 16,400 7,300 8,500 27,300 33,300 17,000 14,500 51,800 42,100 $131,600 $114,800 CONCORD COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241,900 Cost of goods sold 175,300 Gross profit 66,600 Selling expenses $17,400 Administrative expenses 5,800 23,200 Income from operations 43,400 Interest expense 2,700 Income before income taxes 40,700 Income tax expense 8,140 Net income $32,560 Additional data: