Presented here are the financial statements of Pina Colada Company Pina Colada Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36,900 $19.500 Accounts receivable 32,100 18,600 Inventory 30,000 20,300 Property, plant, and equipment 59,600 78,000 Accumulated depreciation (29,600) (23,200) Total $129,000 $113,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,200 $16,500 7.100 8.500 26,700 32,400 17.500 13,800 49,500 42.000 $129,000 $113,200 Pina Colada Company Income Statement For the Year Ended December 31, 2022 Sales revenue $241,300 Cost of goods sold 176,400 Gross profit 64,900 Selling expenses $18,375 Administrative expenses 6,125 24.500 Income from operations 40,400 Interest expense 3,800 Income before income taxes 36,600 Income tax expense 7,320