The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. Income Statement Sales Revenue $ 58,600 Expenses: Cost of Goods Sold 26,000 Depreciation Expense 3,000 Salaries and Wages Expense 10,000 Rent Expense 5,500 Insurance Expense 2,400 Interest Expense 2,300 Utilities Expense 1,900 Net Income $ 7,500 Selected Balance Sheet Accounts Accounts Receivable Inventory Accounts Payable. Prepaid Rent Prepaid Insurance Salaries and Wages Payable Utilities Payable, Ending Balances $ 585 Beginning Balances $ 630 890 720 445 510 35 25 30 38 80 50 30 20