The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 is presented below.

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38 4.00 points The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 is presented below. Income Statement $74,000 Sales Revenue Expenses Cost of Goods Sold 34,000 15,600 Depreciation Expense Salaries and Wages Expense 9,600 Rent Expense 2,100 1,100 Insurance Expense 1,000 Interest Expense 800 Utilities Expense 9,800 Net Income Selected Balance Sheet Accounts Ending Beginning Balances Balances Inventory 450 530 1,600 1,340 Accounts Receivable Accounts Payable 1,340 1,580 Salaries and Wages Payable 590 320 120 Utilities Payable 70 Prepaid Rent 110 Prepaid Insurance 60 70