Question 3 of 3 Presented here are the financial statements of Concord Company CONCORD COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36,400 $20,500 Accounts receivable 22.500 16,800 30,700 21.100 Inventory Property, plant, and equipment Accumulated depreciation 59,700 77,800 (33.000) (23,600) Total $116,300 $112,600 $18,700 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable $ 14,500 7.500 8,300 26,900 42,900 Common stock 19,000 14.400 Retained earnings 44,200 32,500 Total $116,300 $112,600 CONCORD COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $242,700 Cost of goods sold 176,300 Gross profit 66,400 Selling expenses $17,000 Administrative expenses 7,400 Operating expenses 24,400 Income from operations 42,000 3,500 Interest expense 38,500 Income before income taxes 7,700 Income tax expense $30,800 Net income Question 3 of 3 >