Operating expenses t Change in accounts payable Cash paid for operating expenses Income tax expense t Change in income tax payable Cash paid for income DITIONAL PERSPECTIVES Great Adventures mhis is a continuation of the Great Adventures problem from earlier chap AP11-1The income statement, balance sheets, and additional rmation for Great uing ures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2020 Service revenue (clinic, racing. TEAM) $543,000 118,000 Sales revenue (MU watches) $661,000 Total revenues Expenses: 70,000 Cost of goods sold (watches) 304,276 Operating expenses Depreciation expense Interest expense 29,724 57,000 Income tax expense 511 Total expenses Net income 150,000 GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019 Increase (I) or 2020 2019 Decrease (D) Current assets: 322.362 $138.000 184.362 Cash Accounts receivable 45,000 35,000 10,000 Inventory 17,000 14,000 3.000 Other current assets 13,000 11,000 2,000 (continued