Cullumber Ltd. is a small restaurant and culinary business started four years ago by Betty Harris. Initially the companys operations consisted of a small diner. In 2023, the company added online culinary lessons to expand sales. The online culinary events are sold to corporations that provide the lessons as performance incentives to their employees. As the culinary lessons side of the business grew in 2024, the company purchased a used vehicle to deliver meal kits to be used for the lessons. All sales in the diner are cash, debit, or credit card, but culinary lessons, which are sold to corporations, are invoiced after the event with payment due in 30 days. Most of the companys suppliers offer terms of 15 days. Selected financial information for Cullumber Ltd. follows. 2024 2023 Assets Cash $10,600 $6,600 Accounts receivable 19,660 13,020 Inventory 12,690 8,390 Land 18,000 18,000 Building and equipment 41,440 35,400 Total assets $102,390 $81,410 Liabilities and equity Accounts payable $7,730 $7,700 Short-term note payable 2,580 2,340 Mortgage payable current 4,320 4,320 Mortgage payable 30,530 35,180 Share capital 14,510 14,510 FINANCIAL CHAPTER 12 Question 2 of 5 - / 25 10/24/23, 5:29 PM This part will be available when you complete the part above. Retained earnings 42,720 17,360 Total liabilities and equity $102,390 $81,410 Other information Sales $209,550 $169,130 Cost of goods sold 85,380 81,450 Net income 25,360 10,440 Assume the growth in sales in 2024 is primarily from the online lessons.