Question 29 (10 points) Los Geht's Ltd. Statement of Income Year Ended December 31, 2020 1,958,000 1,069,500 888,500 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Loss on disposal of equipment Income from operations Interest expense Income before tax Income tax expense Net Income 568,400 95,700 12,000 676,100 212,400 22,800 189,600 36,000 153,600 Current assets Cash Accounts receivable Inventory Estimated inventory returns Prepaid expenses 2020 134,200 156,400 89,900 13,000 10,400 2019 99,900 88,400 95,700 2,300 17,400 Current liabilities Accounts payable Refund liability Rent payable Salaries payable Income tax payable Deferred revenue 2020 57,200 23,400 8,800 19,800 37,700 18,900 2019 116,600 6,000 11,500 12.400 23, 100 9,300 Question 29 (10 points) Los Geht's Ltd. Statement of Income Year Ended December 31, 2020 1,958,000 1,069,500 888,500 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Loss on disposal of equipment Income from operations Interest expense Income before tax Income tax expense Net Income 568,400 95,700 12,000 676,100 212,400 22,800 189,600 36,000 153,600 Current assets Cash Accounts receivable Inventory Estimated inventory returns Prepaid expenses 2020 134,200 156,400 89,900 13,000 10,400 2019 99,900 88,400 95,700 2,300 17,400 Current liabilities Accounts payable Refund liability Rent payable Salaries payable Income tax payable Deferred revenue 2020 57,200 23,400 8,800 19,800 37,700 18,900 2019 116,600 6,000 11,500 12.400 23, 100 9,300