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 Expenses $55,600 Cost of Goods Sold Depreciation Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 24,500 2,700 Salaries and Wages Expense9,700 5,200 2,250 2,150 1,750 Net Income 7,350 Selected Balance Sheet Accounts Ending Beginning Balances Balances Accounts Receivable Inventory Accounts Payable Prepaid Rent Prepaid Insurance Salaries and Wages Payable Utilities Payable $ 570 S 600 920 735 480 430 29 27 86 24 32 53 17