MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales $ 525,000 Cost of goods sold 335,600 Gross profit 189,400 Operating expenses (excluding depreciation) 123,000 Depreciation expense 38,000 Income before taxes 28,400 Income taxes expense 9,500 Net income $ 18,900 MOSS COMPANY Selected Balance Sheet Information At December 31 2021 2020 Current assets Cash $ 85,650 $ 27,800 Accounts receivable 26,000 34,000 Inventory 61,000 54,300 Current liabilities Accounts payable 32,400 26,700 Income taxes payable 2,150 2,400