Question 1 Presented below is the income statement of Cowan, Inc.: Sales revenue Cost of goods sold Gross profit Operating expenses Income before income taxes 56,700 Income taxes Net income $367,100 223,800 $143,300 86,600 25,300 $ 31,400 In addition, the following information related to net changes in working capital is presente Debit Credit Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income taxes payable $15,000 20,000 $18,600 7.600 14,900 2/200