View Policies Current Attempt in Progress Presented below are the financial statements of Windsor Ltd. Windsor Ltd. Comparative Statements of Financial Position December 31 Assets 2020 2019 Equipment 73,200 95,160 Accumulated depreciation-equipment (35,380) (29,280) Inventory 36,600 24,400 Accounts receivable 40,260 17,080 Cash 45,140 24,400 Total 159,820 131,760 Equity and Liabilities Share capital-ordinary 21,960 17,080 Retained earnings 61.000 46,360 Bonds payable 32.940 40,260 Accounts payable 35,380 18.300 Income taxes payable 8.540 9.760 Total 159.820 131.760 Rajesh Ltd. Income Statement For the Year Ended December 31, 2020 Sales revenue 295.240 Cost of goods sold 213.500 Gross profit 81740 Operating expenses 29.280 Income from operations 52.460 Interest expense 3.660 Income before income taxes 48.800 income tax expense 9760 Net income 39,040 -/1