The College Shop Comparative Balance Sheet As of December 31,207 and 206 12/31/20712/31/206 Assets Current assets Cosh. Accounts receivable Inventory Total Current assets \begin{tabular}{rr} $76,000 & $70,000 \\ 92,000 & 90,000 \\ 110,000 & 80,000 \\ \hline 278,000 & 240,000 \end{tabular} Long-term assets Furniture, equipment, net of depreciation Total Assets The College Shop Comparative Income Statement Years Ended December 31,207 and 206 SalesLessCostofgoodssoldGrossprofitLessOperatingexpensesOperatingincomeLessInterestLessIncometaxesNetincome12/31/207$600,000387,000213,00033,000180,00010,0005,000518,00030000012/31/206$500,000275,000225,000175,00050,00010,000530,000 The College Shop Comparative Balance Sheet As of December 31,207 and 206 12/31/20712/31/206 Assets Current assets Cosh. Accounts receivable Inventory Total Current assets \begin{tabular}{rr} $76,000 & $70,000 \\ 92,000 & 90,000 \\ 110,000 & 80,000 \\ \hline 278,000 & 240,000 \end{tabular} Long-term assets Furniture, equipment, net of depreciation Total Assets The College Shop Comparative Income Statement Years Ended December 31,207 and 206 SalesLessCostofgoodssoldGrossprofitLessOperatingexpensesOperatingincomeLessInterestLessIncometaxesNetincome12/31/207$600,000387,000213,00033,000180,00010,0005,000518,00030000012/31/206$500,000275,000225,000175,00050,00010,000530,000