J. P. Robard Mfg., Inc. Balance Sheet (S000) $460 Cash 1,920 Accounts receivable 910 Inventories $3,290 Current assets 4,480 Net fixed assets Total assets $1,170 Accounts payable 570 Accrued expenses 260 Short-term notes payable $2,000 Current liabilities 1,920 Long-term debt 3,850 Owners' equity Total liabilities and owners' equity $7,770 J. P. Robard Mfg., Inc. Income Statement (S000) Net sales (all credit) Cost of goods sold S4,650 Gross profit operating expenses (includes $500 depreciation) G.000) $1,650 Net operating income (363) Interest expense $1,287 Earnings before taxes Income taxes (40%) Net income