GG's Coffee Ltd.'s accountants have assembled the following data for the year ended December 31, 2020:

Increase! 2020 201 9 (Decrease) Current assets Cash and cash equivalents $ 75,500 $ 56,750 Accounts receivable 174,250 155,500 Inventory 271,500 212,500 Prepaid expenses 13,250 10,250 Note payable (for inventory Current liabilities purchases) 56,500 45,750 Accounts payable 132,250 139,500 Income tax payable 96,500 41,750 Accrued liabilities 38,750 68,000