ProvincialImports, Inc., has assembled past (2019) financial statements(income statement and balance sheet see image attachment)

Provincial Imports, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: Cost of goods sold Gross profits Less: Operating expenses Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate = 21 %) Net profits after taxes Less: Cash dividends To retained eamings 850,000 200,000 252,000 $948,000 379,200 $568,800 Provincial Imports, Inc. Balance Sheet December 31, 2019 Liabilities and Stockholders' Equity Assets Cash Marketable securities Accounts receivable Inventories Total current assets Net fixed assets Total assets $200,000 225,000 625,000 500,000 Accounts payable Taxes payable Notes payable Other current liabilities Total current liabilities Long-term debt Common stock Retained eamings Total liabilities and equity $700,000 95,000 200,000 5,000 500,000 75,000