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The financial statements for Custom Design, Inc. are shown belo Custom Design, Inc. Income Statement ($000] Net sales (all credit) $8.000 Cost of goods sold ($3,300) Gross profit $4,700 Operating expenses (includes $500 depreciation) (53,000) Net operating income $1.700 Interest expense ($367) Earnings before taxes $1,313 Income taxes (40%%) ($533) Net income 5800 Custom Design, Inc. Balance Sheet ($000) Cash $500 Accounts receivable $2.000 Inventories $1,000 Current assets $3.500 Net fixed assets $4,500 Total assets $8,000 Accounts payable $1,100 Accrued expenses $600 Short-term notes payable $300 Current liabilities $2,000 Long-term debt $2,ood Owners' equity $4,000 Total liabilities and owners' equity $8,000The financial statements for Custom Design, Inc. are shown belo Custom Design, Inc. Income Statement ($000] Net sales (all credit) $8.000 Cost of goods sold ($3,300) Gross profit $4,700 Operating expenses (includes $500 depreciation) (53,000) Net operating income $1.700 Interest expense ($367) Earnings before taxes $1,313 Income taxes (40%%) ($533) Net income 5800 Custom Design, Inc. Balance Sheet ($000) Cash $500 Accounts receivable $2.000 Inventories $1,000 Current assets $3.500 Net fixed assets $4,500 Total assets $8,000 Accounts payable $1,100 Accrued expenses $600 Short-term notes payable $300 Current liabilities $2,000 Long-term debt $2,ood Owners' equity $4,000 Total liabilities and owners' equity $8,000