Selected balance sheet information and the income statement for Pioneer Industries for the current year are presented below. Selected Balance Sheet Accounts Prior Year Current Year Accounts Receivable $ 17,100 $ 11,500 Inventories 23,000 25,300 Prepaid Rent 1,300 0 Accounts Payable 12,800 16,400 Salaries and Wages Payable 2,600 3,900 Income Statement Sales Revenue $ 345,000 Expenses: Cost of Goods Sold 204,000 Depreciation Expense 23,000 Salaries Expense 34,500 Rent Expense 13,800 Insurance Expense 13,800 Interest Expense 12,650 Utilities Expense 11,500 Net Income $ 31,750