MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales $ 520,000 Cost of goods sold 333,600 Gross profit 186,400 Operating expenses (excluding depreciation) 122,500 Depreciation expense 37,000 Income before taxes 26,900 Income taxes expense 8,600 Net income $ 18,300 MOSS COMPANY Selected Balance Sheet Information At December 31 2021 2020 Current assets Cash $ 85,150 $ 27,300 Accounts receivable 25,500 33,000 Inventory 60,500 54,200 Current liabilities Accounts payable 31,400 26,200