Income Statement For the year ended 2020 $ 900,000 (400,000) $ 500,000 Sales Cost of goods sold Gross margin Less: Operating Expenses Bad debt expense Depreciation expense Rent expense Wage expense Operating Income Less: Interest expense Taxable income Tax expense Net Income $ 18,000) S (30,000) $ (36,000) $ (290,000) S (364,000) $ 136,000 S (6,000) $ 130,000 S (39,000) $ 91,000 Balance Sheet As at 22020 2020 2012 Current Assets Cash Accounts receivable Less: Allowance for doubtful accounts Accounts receivable, net Inventory Total Current Assets $ 130,000 $ 170,000 $ 80,000 $ 85.000 S (10,000) S (5,000) $ 70,000 $ 80,000 $ 90,000 $ 70,000 S 290,000 S 320,000 R Property and Equipment Equipment Less: Accumulated depreciation Net Property and Equipment $ 420,000 $340,000 $ 190,000) $ 160,000) S 330,000 S 280,000 Other Assets Security deposit Total assets $ 10,000 $ 10,000 LS 630,000 S 610.000 2020 2019 Liabilities Current Liabilities Accounts Payable Interest payable Taxes payable Wages payable Total Current Liabilities 78,000 $ 139,000 3,000 $ 5.000 12,000 10,000 9,000 $ 102,000 $162,000 8.000 Long term debt Note payable Total Liabilities $ 100,000 $ 110,000 S 202.000$ 272,000 2020 2019 $ 6,000 54,000 $ Owners' Equity Common Stock Paid in capital Retained Earnings Total Owners' Equity Total Liabilities and Stockholders' Equity $ 5,000 45,000 288,000 338.000 610.000 $ 428,000 5 630.000 Statement of Retained Earnings Opening Balance Add: Net income Less: Dividend (Balancing figure) Closing Balance $ 288,000 S 91,000 (11.000) S. 368.000 OC. $ 112,000 D. $ 102,000 E. $ 172,000 QUESTION 15 What was the Cash Flow from (used by) Investing Activities for the year? A. ($11,000) B. none of the listed choices C. ($31,000) D. ($75,000) E. ($80,000) QUESTION 16 The Suplementol Cach Cl