J. P. Robard Mfg., Inc. Balance Sheet($000) Cash Accounts receivable Inventories Current assets Net fixed assets Total assets $530 1,960 1,030 $3,520 4,540 $8,060 Accounts payable $1,050 Accrued expenses 570 Short-term notes payable 290 Current liabilities $1,910 Long-term debt 2,060 Owners' equity 4,090 Total liabilities and owners' equity $8,060 Click on the icon in order to copy its contents into a spreadsheet.) J.P. Robard Mfg., Inc. Income Statement ($000) Net sales (all credit) $7,900 Cost of goods sold (3,350) Gross profit $4,550 Operating expenses (includes $500 (3,020) depreciation) Net operating income $1,530 Interest expense (358) Earnings before taxes $1,172 Income taxes (40%) (469) Net income $703 (Click on the icon in order to copy its contents into a spreadsheet.)