Williams Company is a manufacturer of auto parts having the following financial statements for 2018-2019. Balance Sheet December 31 2019 2018 Cash $ 268,000 $ 143,000 Accounts receivable 158,000 233,000 Inventory 393,000 183,000 Total current assets $ 819,000 $ 559,000 Long-lived assets Total assets Current liabilities Long-term debt Shareholders' equity Total debt and equity 1,720,000 1,580,000 $2,539,000 $2,139,000 296,000 255,000 900,000 880,000 1,343,000 1,004,000 $2,539,000 $2,139,000 Income Statement For the years ended December 31 2019 $3,580,000 2018 $3,680,000 Sales Cost of sales Gross margin Operating expenses* Operating income Taxes Net income 2,660,000 2,760,000 920,000 920,000 508,000 362,000 412,000 558,000 144,200 195,300 $ 267,800 $ 362,700