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 $ 43,600 Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income 18,500 1,500 8,500 4,000 1,650 1,550 1,150 $ 6,750 Selected Balance Sheet Accounts Ending Balances Accounts Receivable $ 585 Beginning Balances $ 630 Inventory 840 695 Accounts Payable 445 510 Prepaid Rent 35 25 Prepaid Insurance 30 38 Salaries and Wages Payable 70 45 Utilities Payable 30 20