D I 1 Condensed financial statements for Games Galore are summarized below: 2016 2015 3 Balance Sheet 4 Cash 5 Accounts Receivable, Net 6 Inventory 7 Prepaid Insurance 8 Total Current Assets 9 Property and Equipment, Net 10 Total Assets $ 185,000 143,000 59,000 134,000 5,880 341,880 407,000 80,000 104,000 11.900 380,900 514,500 12 Current Liabilities 13 Long-term Liabilities 14 Total Liabilities 1s Contributed Capital 16 Retained Earnings 17 Total Stockholders' Equity 18 Total Liabilities and Stockholders Equity 19 20 Income Statement 21 Net Sales (all on account) 22 Cost of Goods Sold 23 Gross Profit $ 85,300 $96,800 224,000 320,800 299,000 129,080 428,080 S 895,400 748,880 284,000 369,300 299,000 227,100 526,100 $3,031,000 1,949,000 1,082,000