Umlauf's comparative balances sheets, income statement and additional information follow. $(10$ points$)$

UMLAUF COMPANY

BALANCE SHEETS

DECEMBER $31,2019$ AND $2018$

$2019$

$2018$

Assets

Current Assets

Cash

UMLAUF COMPANY INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER $31,2019$

Fixed Assets

Equipment

A$/$D Equipment

Net Fixed Assets

Total Assets

Liabilities and Equity

Current Liabilities

Accounts Payable

Income Taxes Payable

Total Current Liabilities

Equity

Common Stock

Retained Earnings

Total Equity

Income from Operations

$ $446,100$

Cost of Goods Sold

$222,300$

Gross Profit

$223,800$

$$,310,650,$$$,311,025$

Cost of Goods Sold

$\frac{222,300}{223,800}$

$\backslash$table$[[$erating Expense,,$],[$Depreciation$,$$$,25,500],[$Other Ex$,,120,300]]$

Total Operating Expense $,145,800$

Other Expense

$78,000$

Loss om Sale of Equipment

$(4,125)$

Total Liabilities and Equity $ $310,650,311,025$ Net Income

$$,60,150$