No. 2 Presented below is the income statement of Cowan, Inc.: Sales $380,000 Cost of goods sold 225,000 Gross profit $155,000 Operating expenses 85,000 Income before income taxes 70,000 Income taxes 28,000 Net income 42,000 In addition, the following information related to net changes in working capital is presented: Debit Credit Cash $12,000 Accounts receivable 20,000 Inventories 19,400 Salaries payable (operating expenses) $8,000 Accounts