The company has the following account balances for the period it will be preparing its financial reports: Cash $500 Loan payable to bank $800 Common stock $600 Retained Earnings $1000 Sales $3000 Rent Expense $900 Accounts Payable $700 Insurance Expense $300 Accounts Receivable $800 Inventory $1200 Cost of goods sold $1600 The company's net income is $200. True False