MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales $ 550,000 Cost of goods sold 345,600 Gross profit 204,400 Operating expenses (excluding depreciation) 125,500 Depreciation expense 43,000 Income before taxes 35,900 Income taxes expense 12,900 Net income $ 23,000 MOSS COMPANY Selected Balance Sheet Information At December 31 2021 2020 Current assets Cash $ 88,150 $ 30,300 Accounts receivable 28,500 39,000 Inventory 63,500 54,800 Current liabilities Accounts payable 37,400 29,200