rmation [The following information applies to the questions displayed below.] Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information from the accounting records of Red, Inc., are provided below. RED, INC. Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2020 Assets Cash $ 44.1 $ 164.6 Accounts receivable 143.0 94.0 Prepaid insurance 5.4 2.4 Inventory 298.0 172.0 Buildings and equipment 436.0 370.0 Less: Accumulated (144.0) (259.0) depreciation $ 782.5 $ 544.0 Liabilities Accounts payable Notes payable $ 95.0 $ 106.5 Accrued liabilities Bonds payable Shareholders' Equity Common stock Retained earnings 8.5 15.5 100.0 0.0 130.0 0.0 400.0 400.0 49.0 22.0 $ 782.5 $ 544.0 RED, INC. Statement of Income For Year Ended December 31, 2021 ($ in millions) Revenues Sales revenue Expenses Cost of goods sold Depreciation expense Operating expenses $2,500.0 $1,825.0 56.0 492.0 2,373.0 < Prev 3 4 1 of 4 Next >