Umbrella In Coat Company ("UIC") is an umbrella retailer that had recently completed its fiscal year end. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. UIC's fiscal year ended Income Statement and Comparative Balance Sheets are provided below. Umbrella In Coat Company ("UIC") is an umbrella retailer that had recently completed its fiscal year end. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. UIC's fiscal year ended Income Statement and Comparative Balance Sheets are provided below