EXAM QUESTIONS: Problem The following income statement and selected balance sheet account data are available for Royce Interiors, Inc, at December 31, 2015 ROYCE INTERIORS, INC INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 3I, 2015 Revenue: Net sales .. Dividend income Interest income $2,600,000 55,000 40,000 3,000 $2.698,000 Total revenue and gains Coet of goods sold Interest expense Costs and expenses: $1,300,000 300,000 60000 Income tax expense Total costs and expenees Net income $1,770,000 $ 928,000 End of Year of Year Selected account balances: Accounts receivable Accrued interest receivabio 430,000 7,000 3,000 550,000 8,000 410.000 00,000 8.000 22,000 575,000 9,000 415,000 Short-term prepaymente Accounts payable (merchandise suppliwrs Accrued operating exparass payable Accrued interest payable Accrued income taxss payable 86,000 10,000 20,000