Hinkson Co. Balance Sheet Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Book Value of Equipment Total Assets 12/31/20X1 12/31/20X2 64,000 100,000 24,000 18,000 10,000 14,000 4,000 7,000 125,000 250,000 20,000 35,000 105,000 207,000 215,000 354,000 Liabilities Accounts Payable Notes Payable Interest Payable Total Liabilities 25,000 100,000 6,000 131,000 40,000 120,000 8,000 168,000 Owners Equity Stock Retained Earnings Total Equity Total Liabilities + Equity Income Statement Revenues COGS 73,000 3,000 76,000 207,000 119,000 67.000 186,000 354,000 150,000 (45,000) SA Total Liabilities - Equity 207,000 354,000 Income Statement Revenues COGS Rent Expense Depreciation Expense Interest Expense Insurance Expense Net Income 1150,000 (45,000) (3,000) (15,000) (5,000) (4,000) 78,000 What is Cash Received from Customers