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Q tion 2 Bluesky Balance sheet as of Dec. 31, 2019 and 2018 ered Bluesky Income Statement - Multi-year ending Dec. 31 Assets 2019 2018 out of 2019 2018 2017 Cash and maretable securiteis $652,500 $486,500 Online Sales $2,200,000 $2,000,000 $1,720,000 Accounts recievable 555,000 512,000 Fir Retail Sales 1,000,000 1,000,000 1,100,000 Inventory 835,000 755,000 Tin tion Total Sales 3,200,000 8,000,000 2,820,000 Prepaid expenses 123,000 98,000 Total Current Assets 2,165,500 1,851,500 Less Cost of Goods Sold 1,600,000 1,550,000 1,400,000 Gross Profit 1,600,000 1,450,000 1,420,000 Gross property, plant, and equipm 2,100,000 1,900,000 Less Operating Expenses 800,000 810,000 812,000 Less: accumlated depreciation 333.000 290.500 Net property, plant, and equipme 1,767,000 1,609,500 Less Depreciation expense 42.500 44,500 45.500 Total Assets 3,932.500 3,461,000 Earnings before Interest and taxes 757,500 595,500 562,500 Liabilities and oweners' equity Accountys payable 450,000 430,000 Less: Interest expense 110,000 110,000 150,000 Accrued expenes 98,000 77,000 647,500 485,500 412,500 Income tax payable 17,000 9,000 shrot-term debt 435,000 500.000 Total current Less Incojme Taxes 300,000 194.200 165,000 liabilities 1,000,000 1,016,000 Net Income 347,500 291.300 247,500 Long-term debt 750,000 660.000 Total liabilities 1,750,000 1,676,000 Contribued capital 900,000 850,000 Retained earnings 1,282,500 935,000 Total owners equity 2,182,500 1,785,000 Total liabilitys and owners' equity 3,932,500 3,461,000 The gross profit margin shows how efficiently a company produces its goods or delivers it services. Bluesky slightly increased its Gross Profit Margin in 2019 to 50% - a sign of improvement. True or False