Sheridan Company's income statement contained the following condensed information. SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable 2022 2021 $76,000 $60,300 41,000 $623,400 27,100 55,300 25,600 Sheridan's balance sheets contained the comparative data at December 31, shown below. $970,600 704,300 266,300 40,100 $226,200

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Sheridan Company's income statement contained the following condensed information. SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $623,400 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $970,600 55,300 25,600 704,300 266,300 40,100 $226,200 Sheridan's balance sheets contained the comparative data at December 31, shown below. 2022 2021 Accounts receivable $76,000 $60,300 Accounts payable 41,000 27,100